M&A Deal Summary

Partners Group Acquires PowerTransitions

On June 4, 2025, asset manager Partners Group acquired renewable energy company PowerTransitions from EnCap Investments

Acquisition Highlights
  • This is Partners Group’s 12th transaction in the Renewable Energy sector.
  • This is Partners Group’s 39th transaction in the United States.
  • This is Partners Group’s 3rd transaction in Texas.

M&A Deal Summary

Date 2025-06-04
Target PowerTransitions
Sector Renewable Energy
Buyer(s) Partners Group
Sellers(s) EnCap Investments
Deal Type Secondary Buyout

Target

PowerTransitions

Houston, Texas, United States
PowerTransitions is a utility-scale power developer that acquires and redevelops legacy or retiring thermal power assets with existing grid connections that can be enhanced or modified to add new generation through the co-location of solar and/or battery energy storage systems. PowerTransitions is based in Houston, Texas.

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Buyer(S) 1

Buyer

Partners Group

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1996
PE ASSETS 174.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Partners Group is a global investment management firm with a variety of funds and institutional clients. The Firm's direct investment group looks to invest in or acquire market leading companies with growth opportunities linked to technology. Partners is a hands-on investor and looks to actively support its portfolio companies with expansion, operational, and governance structure support. Partners Group was established in 1996 and is headquartered in Zug, Switzerland.


DEAL STATS #
Overall 97 of 97
Sector: Renewable Energy M&A 12 of 12
Type: Secondary Buyout M&A Deals 53 of 53
State: Texas M&A 3 of 3
Country: United States M&A 39 of 39
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-16 Green Tea Group

Hangzhou, China

Green Tea Group is a casual dining restaurant chain. Green Tea, the Company's main brand, serves chinese fusion cuisine in a traditional dining environment, while Play King, launched in January 2016, serves a more casual western menu in a youthful, modern setting. Green Tea Group was founded in 2004 and is based in Zhejiang Sheng, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-14 CapeOmega

Bergen, Norway

CapeOmega is an offshore infrastructure platform. The company provides the essential infrastructure for the transportation of natural gas produced on the norwegian continental shelf and holds significant stakes in some of norway's key midstream infrastructure assets. CapeOmega was founded in 2014 and is based in Bergen, Norway.

Sell -

Seller(S) 1

SELLER

EnCap Investments

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 38.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EnCap Investments is a private equity firm focused on the US energy sector. EnCap specifically looks for upstream and midstream opportunities within the oil and gas industry. EnCap generally partners with seasoned management when pursuing investments. EnCap Investments has offices in Dallas and Houston.


DEAL STATS #
Overall 59 of 60
Sector: Renewable Energy M&A 1 of 1
Type: Secondary Buyout M&A Deals 12 of 12
State: Texas M&A 44 of 45
Country: United States M&A 58 of 59
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-25 Dunamis Energy

Denver, Colorado, United States

Dunamis Energy is an independent oil and gas company focused on the acquisition and development of horizontal resource plays in the Lower 48. Dunamis Energy was founded in 2024 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-02 Silverback Exploration II

San Antonio, Texas, United States

Silverback Exploration II is an independent oil and gas exploration company. Silverback II was formed to pursue organic development projects and strategic acquisitions in conventional and unconventional resource plays across the U.S. Silverback Exploration II was founded in 2017 and is based in San Antonio, Texas.

Sell -