M&A Deal Summary

First Infrastructure Acquires WhiteWater Midstream

On February 4, 2019, infrastructure investor First Infrastructure acquired oil/gas exploration company WhiteWater Midstream from Ridgemont Equity Partners and Denham Capital

Acquisition Highlights
  • This is First Infrastructure’s 1st transaction in the Oil/Gas Exploration sector.
  • This is First Infrastructure’s 1st transaction in the United States.
  • This is First Infrastructure’s 1st transaction in Texas.

M&A Deal Summary

Date 2019-02-04
Target WhiteWater Midstream
Sector Oil/Gas Exploration
Buyer(s) First Infrastructure
Sellers(s) Ridgemont Equity Partners
Denham Capital
Deal Type Secondary Buyout
Advisor(s) Credit Suisse Investment Banking
TPH & Co. (Financial)
Latham & Watkins
Sidley (Legal)

Target

WhiteWater Midstream

Austin, Texas, United States
WhiteWater Midstream is a midstream oil and gas company focused on building traditional gathering and processing infrastructure for upstream companies in areas lacking infrastructure. WhiteWater Midstream was founded in 2016 and is based in Austin, Texas.

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Buyer(S) 1

Buyer
DESCRIPTION

First Infrastructure Capital Advisors sources, develops, structures, and invests in infrastructure projects and companies in the electric power, telecommunications, midstream, downstream, and renewable energy industries. First Infrastructure Capital Advisors is headquartered in Houston, Texas.


DEAL STATS #
Overall 1 of 1
Sector: Oil/Gas Exploration M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Texas M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2019 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 Whistler Pipeline

United States

Whistler Pipeline is an core energy infrastructure system connecting the Permian Basin’s growing natural gas supply to LNG, Mexico, and Gulf Coast demand. Whistler Pipeline is based in United States.

Sell -

Seller(S) 2

SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 80 of 93
Sector: Oil/Gas Exploration M&A 4 of 6
Type: Secondary Buyout M&A Deals 21 of 25
State: Texas M&A 16 of 21
Country: United States M&A 69 of 82
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-29 Hatch Resources

Austin, Texas, United States

Hatch Resources is an exploration and production company focused in the Permian Basin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 Munch s Supply

Hillside, Illinois, United States

Munch's Supply is an HVAC distributor and third-generation family business focused exclusively on supplying heating and cooling industry contractors with quality products. Munch's Supply was founded in 1956 and is based in Hillside, Illinois.

Buy -
SELLER

Denham Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 9.7B USD
Size Mega
Type Sector Focused
DESCRIPTION

Denham Capital Management is a specialist private investment firm focused on the energy and commodities sectors. Denham looks to invest in businesses and assets involving natural resources, metals and mining, power and utilities, and energy-related infrastructure and services. Denham will consider investments worldwide, with current projects in the US, Canada, South America, Europe, and Asia. Denham will also consider both development projects as well as mature, operating businesses. The Firm's target investment size is $50 to $200 million. Denham Capital Management was founded in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 18 of 22
Sector: Oil/Gas Exploration M&A 7 of 8
Type: Secondary Buyout M&A Deals 2 of 3
State: Texas M&A 5 of 6
Country: United States M&A 11 of 12
Year: 2019 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-20 Horizon Resources

Denver, Colorado, United States

Horizon Resources is an oil and gas company focused on the acquisition of minerals, royalties, and non-operated participation rights in the Rockies. Horizon Resources was founded in 2016 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 Covey Park Energy

Dallas, Texas, United States

Covey Park Energy (CPE) is a private oil and gas exploration and production company headquartered in Dallas, Texas. CPE is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex, Permian and Mid-Continent regions.

Sell $2.2B