M&A Deal Summary

Spartan Delta Acquires Velvet Energy

On July 29, 2021, Spartan Delta acquired oil/gas exploration company Velvet Energy from Trilantic North America and Warburg Pincus for 743M CAD

Acquisition Highlights
  • This is Spartan Delta’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Spartan Delta’s largest (disclosed) transaction.
  • This is Spartan Delta’s 2nd transaction in Canada.
  • This is Spartan Delta’s 2nd transaction in Alberta.

M&A Deal Summary
Date 2021-07-29
Target Velvet Energy
Sector Oil/Gas Exploration
Buyer(s) Spartan Delta
Sellers(s) Trilantic North America
Warburg Pincus
Deal Type Add-on Acquisition
Deal Value 743M CAD

Target

Velvet Energy

Calgary, Alberta, Canada
Velvet Energy is an exploration and production company focused on acquiring, exploring for and developing oil and liquids-rich natural gas assets in the Western Canadian Sedimentary Basin. Velvet Energy was founded in 2011 and is based in Calgary, Alberta.

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Buyer(S) 1

Buyer

Spartan Delta

Calgary, Alberta, Canada
Category Company
Founded 2006
Sector Oil/Gas Exploration
Revenue 662M CAD (2023)
DESCRIPTION

Spartan Delta engages in the exploration, development, and production of petroleum and natural gas properties in Western Canada. Spartan Delta was founded in 2006 and is based in Calgary, Alberta.

DEAL STATS #
Overall 2 of 2
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Alberta) 2 of 2
Country (Canada) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-01 Bellatrix

Calgary, Alberta, Canada

Bellatrix is an intermediate, exploration and production company based in Calgary, Alberta, Canada.

Buy $88M

Seller(S) 2

SELLER

Trilantic North America

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
PE ASSETS 9.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trilantic North America is a mega-sized private equity firm focused on opportunities throughout North America. Trilantic generally invests in large businesses with 'strong market positions, unique franchises, secure and growing market niches or distinctive products and services that command premium prices'. Sectors of interest include business services, consumer, energy, and financial services. The Firm's target investment size is $50 to $300 million in companies valued up to $1 billion. Transaction situations of interest include management buyouts, recapitalizations, growth capital financings, divestitures, new platforms, and generational transfers. Trilantic North America was formed in 2009 through the spin-off of Lehman Brothers' private equity business. The Firm is based in New York City.

DEAL STATS #
Overall 21 of 23
Sector (Oil/Gas Exploration) 7 of 7
Type (Add-on Acquisition) 10 of 11
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2021) 2 of 2
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-02 Indigo Natural Resources

Houston, Texas, United States

Indigo Natural Resources is an independent natural gas and natural gas liquids company. Indigo Natural Resources is based in headquartered in Houston, Texas.

Sell $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 WebFX

Harrisburg, Pennsylvania, United States

WebFX is a tech-enabled digital services provider for premium SMBs helps businesses achieve growth goals through digital services like SEO, PPC management, digital advertising, web design, marketing automation, and more. WebFX was founded in 1995 and is based in Harrisburg, Pennsylvania.

Buy -
SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 217 of 250
Sector (Oil/Gas Exploration) 19 of 25
Type (Add-on Acquisition) 75 of 90
State (Alberta) 6 of 6
Country (Canada) 7 of 7
Year (2021) 11 of 22
Size (of disclosed) 33 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Flexxray

Arlington, Texas, United States

FlexXray is a provider of x-ray inspection services focused exclusively on food safety. The company assists food manufacturers with regulatory compliance and food safety issues by identifying and removing foreign contaminants from food. Hundreds of manufacturing plants in North America rely on FlexXray’s expertise and customer service to salvage valuable products when contamination events occur in the normal course of the food manufacturing process. FlexXray was founded in 2001 and is headquartered in Arlington, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-12 CleanMax

Mumbai, India

CleanMax is a solar developer that supplies electricity to commercial and industrial (C&I) customers through long-term (15-25 years) power purchase agreements. The Company installs its solar projects either on the customer’s rooftop or at an offsite location connected to the customer via the electrical grid. CleanMax has successfully built a diversified customer base across multiple industries consisting of high-quality multi-national companies and marquee Indian corporates with strong credit profiles. CleanMax was founded in 2011 and is based in Mumbai, India.

Sell Rs16.5B
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