M&A Deal Summary

Jefferies Capital Partners and NGL Acquire Hillstone Environmental Partners

On September 26, 2019, private equity firm Jefferies Capital Partners and NGL acquired environmental company Hillstone Environmental Partners from Golden Gate Capital for 600M USD

Acquisition Highlights
  • This is Jefferies Capital Partners’ 1st and NGL’s 1st transaction in the Environmental sector.
  • This is Jefferies Capital Partners’ 2nd and NGL’s 4th largest (disclosed) transaction.
  • This is Jefferies Capital Partners’ 27th and NGL’s 10th transaction in the United States.
  • This is Jefferies Capital Partners’ 2nd and NGL’s 4th transaction in Colorado.

M&A Deal Summary

Date 2019-09-26
Target Hillstone Environmental Partners
Sector Environmental
Buyer(s) Jefferies Capital Partners
NGL
Sellers(s) Golden Gate Capital
Deal Type Secondary Buyout
Deal Value 600M USD
Advisor(s) Nob Hill Law Group
Kirkland & Ellis (Legal)

Target

Hillstone Environmental Partners

Denver, Colorado, United States
Hillstone Environmental Partners LLC is a company focused on water infrastructure solutions for the oil and gas industry. The company concentrates on developing, owning and operating assets related to the delivery, transportation, treatment, recycling and disposal of water throughout U.S. shale basins. Hillstone Environmental Partners is headquartered in Denver, Colorado.

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Buyer(S) 2

Buyer

Jefferies Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 1994
PE ASSETS 850M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Jefferies Capital Partners is a private equity investment firm that seeks to invest in later-stage growth companies, management buyouts, and support of corporate expansion and industry consolidation. The firm makes equity and equity-linked investments between $20 million and $100 million per transaction. Jefferies does not invest in start-ups, early-stage ventures or real estate. The firm seeks companies with revenue between $10 million to $500 million per annum. Jefferies targets companies involved in the following industries: consumer, energy, financial services, healthcare, manufacturing and distribution, media, telecommunications and transportation. Jefferies Capital Partners is based in New York, New York.


DEAL STATS #
Overall 29 of 29
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 8 of 8
State: Colorado M&A 2 of 2
Country: United States M&A 27 of 27
Year: 2019 M&A 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-29 Recordati

Milan, Italy

Recordati is an international pharmaceutical group dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, other Central and Eastern European countries, Turkey, North Africa, the United States of America, Canada, Mexico and in some South American countries. An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati was founded in 1926 and is based in Milan, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Custom Windows & Doors

Ocala, Florida, United States

Custom Window Systems, Inc. is a designer and manufacturer of windows, doors, and porch enclosure products in the southeastern United States. CWS offers a full range of aluminum impact-resistant windows and doors, aluminum and vinyl non-impact windows and doors, and porch enclosure products. Custom Window Systems, Inc. was founded in 1986 and is based in Ocala, Florida.

Sell -
Buyer

NGL

Tulsa, Oklahoma, United States

Category Company
Founded 1940
Sector Energy Services and Equipment
Employees607
Revenue 7.0B USD (2024)
DESCRIPTION

NGL operates a vertically integrated energy business with three operating segments: midstream, wholesale supply and marketing, and retail propane. NGL was founded in 1940 and is based in Tulsa, Oklahoma.


DEAL STATS #
Overall 10 of 10
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Colorado M&A 4 of 4
Country: United States M&A 10 of 10
Year: 2019 M&A 3 of 3
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 Mesquite Disposals Unlimited

New Mexico, United States

Mesquite Disposals Unlimited LLC is a provider of water utility line construction services based in New Mexico.

Buy $893M

Seller(S) 1

SELLER

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.


DEAL STATS #
Overall 64 of 86
Sector: Environmental M&A 1 of 2
Type: Secondary Buyout M&A Deals 12 of 19
State: Colorado M&A 1 of 1
Country: United States M&A 57 of 78
Year: 2019 M&A 4 of 5
Size (of disclosed) 10 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 Cole-Parmer Instrument

Vernon Hills, Illinois, United States

Cole-Parmer Instrument is a global supplier of fluid handling, test & measurement, environmental, and biosciences instrumentation with expertise in peristaltic technologies, temperature control, electrochemistry, water and air testing, and chromatography. Its portfolio includes brands such as Masterflex, Environmental Express, and Traceable, serving research and production needs across life sciences, healthcare, environmental, and industrial markets. Cole-Parmer Instrument was founded in 1955 and is based in Vernon Hills, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 Clover Environmental Solutions

Hoffman Estates, Illinois, United States

Clover Environmental Solutions provides environmentally sustainable solutions focused on the recovery, returns management, remanufacturing, and recommerce of business and consumer goods. By leveraging its world-class engineering, manufacturing, and distribution infrastructure, Clover Environmental Solutions provides circular economy solutions for various products, making the company a product lifecycle management provider of choice for OEMs and retailers globally. Clover Environmental Solutions was established in 1996 and is based in Hoffman Estates, Illinois.

Sell -