M&A Deal Summary

Rattler Midstream and Oryx Midstream Services Acquire Reliance Gathering

On November 12, 2019, Rattler Midstream and Oryx Midstream Services acquired oil/gas exploration company Reliance Gathering from Metalmark Capital for 356M USD

Acquisition Highlights
  • This is Rattler Midstream’s 1st and Oryx Midstream Services’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Rattler Midstream’s and Oryx Midstream Services’ largest (disclosed) transaction.
  • This is Rattler Midstream’s 1st and Oryx Midstream Services’ 1st transaction in the United States.
  • This is Rattler Midstream’s 1st and Oryx Midstream Services’ 1st transaction in Texas.

M&A Deal Summary

Date 2019-11-12
Target Reliance Gathering
Sector Oil/Gas Exploration
Buyer(s) Rattler Midstream
Oryx Midstream Services
Sellers(s) Metalmark Capital
Deal Type Add-on Acquisition
Deal Value 356M USD

Target

Reliance Gathering

Midland, Texas, United States
Reliance Gathering is a private oil and gas company focused on developing upstream and midstream assets. The Company has over 100,000 net acres in the Permian Basin, including approximately 40,000 net acres in the prolific Northern Midland Basin. Reliance Gathering is based in Midland, Texas.

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Buyer(S) 2

Buyer

Rattler Midstream

Midland, Texas, United States

Category Company
Sector Oil/Gas Exploration
Revenue 396M USD (2021)
DESCRIPTION

Rattler Midstream is a Delaware limited partnership formed by Diamondback Energy to own, operate, develop and acquire midstream and energy-related infrastructure assets. Rattler owns crude oil, natural gas and water-related midstream assets in the Permian Basin that provide services to Diamondback Energy and third party customers under primarily long-term, fixed-fee contracts. Rattler Midstream is based in Midland, Texas.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
Buyer

Oryx Midstream Services

Midland, Texas, United States

Category Company
Founded 2013
Sector Oil/Gas Exploration
DESCRIPTION

Oryx Midstream Services is a midstream crude operator in the Permian Basin. Oryx Midstream Services owns and operates a crude oil gathering and transportation system underpinned by nearly one million acres under long-term dedications from more than 20 customers. The system's 2.1 million barrels of storage and approximately 1,200 miles of in-service and under-construction pipeline span eight counties in Texas and two in New Mexico. Oryx Midstream Services was founded in 2013 and is based in Midland, Texas.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Metalmark Capital

New York, New York, United States

Category Private Equity Firm
Founded 2004
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Metalmark Capital is an independent private equity group focused on large company transactions in a wide range of industries. Metalmark is a hands-on investment firm looking to build long-term value in its portfolio companies. Broad areas of interest include natural resources/energy, healthcare services, industrials, food, transportation, and financial services. Metalmark was established in 2004 by the former principals of Morgan Stanley Capital Partners to manage the Metalmark Capital and Morgan Stanley Capital Partners funds. Metalmark is based in New York City.


DEAL STATS #
Overall 37 of 40
Sector (Oil/Gas Exploration) 8 of 8
Type (Add-on Acquisition) 18 of 20
State (Texas) 8 of 9
Country (United States) 36 of 37
Year (2019) 2 of 2
Size (of disclosed) 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Collagen Matrix, Inc. develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Collagen Matrix, Inc. also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 Kissner Milling

Cambridge, Ontario, Canada

Kissner Milling Co., Ltd. is a producer and distributor of bulk rock salt and packaged specialty deicing products across North America. Kissner was formed in 1878 and is based in Detroit, Michigan.

Sell -