Joint Venture • Oil/Gas Exploration

Lime Rock Partners and EIG Partners Acquire CrownRock

On February 1, 2007, private equity firm Lime Rock Partners and asset manager EIG Partners acquired oil/gas exploration company CrownRock

Acquisition Context
  • This is Lime Rock Partners’ 12th and EIG Partners’ 2nd transaction in the Oil/Gas Exploration sector.
  • This is Lime Rock Partners’ 15th and EIG Partners’ 2nd transaction in the United States.
  • This is Lime Rock Partners’ 7th and EIG Partners’ 2nd transaction in Texas.
Investment Fate
  • CrownRock was sold to a publicly-traded strategic buyer in 2023 for 12.0B USD.

Explore All 42 Joint Venture Oil/Gas Exploration Deals - Search the Database Free


M&A Deal Summary

Date February 1, 2007
Target CrownRock
Sector Oil/Gas Exploration
Buyer(s) Lime Rock Partners
EIG Partners
Deal Type Joint Venture

Target Company

CrownRock

Midland, Texas, United States
CrownRock is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. CrownRock operations are primarily focused on the development of its core Permian Basin assets. CrownRock was founded in 2007 and is based in Midland, Texas.
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Buyers Overview 2

Buyer

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.


Deal Context for Buyer #
Overall 33 of 92
Sector: Oil/Gas Exploration 12 of 40
Type: Joint Venture 3 of 6
State: Texas 7 of 30
Country: United States 15 of 51
Year: 2007 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 TWMA

Aberdeen, United Kingdom

TWMA is a provider of fully integrated waste management services to the global oil and gas industry and environmental solutions that reduce drilling costs and maximise operational effectiveness. The company has offices and service bases in Europe, the Middle East, North Africa, West Africa and the Americas. TWMA was founded in 2000 and is based in Aberdeen, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-26 CrownQuest Operating

Midland, Texas, United States

CrownQuest Operating is an independent oil and gas producer. CrownQuest Operating was founded in 1996 and is based in Midland, Texas.

Buy -
Buyer

EIG Partners

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1982
PE ASSETS 39.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EIG Global Energy Partners specializes in private investments in energy and energy-related infrastructure around the world. Specific areas of interest include upstream oil and gas, midstream, power generation, renewables, and related infrastructure. EIG manages a variety of funds that provide hybrid debt and structured equity financing solutions to energy projects and companies. The Firm also offers credit/direct lending vehicles that target higher credit-quality project finance instruments. EIG Global Energy Partners is headquartered in Washington, District of Columbia.


Deal Context for Buyer #
Overall 2 of 55
Sector: Oil/Gas Exploration 2 of 21
Type: Joint Venture 1 of 2
State: Texas 2 of 16
Country: United States 2 of 34
Year: 2007 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 BlackBrush

San Antonio, Texas, United States

BlackBrush is an independent oil and gas exploration and development company currently operates approximately 360,000 gross acres throughout South Texas. BlackBrush was formed in 2004 and is based in San Antonio, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-07 Southcross Energy

Dallas, Texas, United States

Southcross Energy is a midstream natural gas company engaged in the gathering, processing and pipeline transportation of natural gas, with a total of more than 2,100 miles of pipeline assets. Southcross Energy is based in Dallas, Texas.

Buy $220M