M&A Deal Summary

Summit Midstream Acquires Sterling Energy

On October 17, 2022, Summit Midstream acquired oil/gas exploration company Sterling Energy from Morgan Stanley Capital Partners and Morgan Stanley Energy Partners

Acquisition Highlights
  • This is Summit Midstream’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Summit Midstream’s 1st transaction in the United States.
  • This is Summit Midstream’s 1st transaction in Colorado.

M&A Deal Summary
Date 2022-10-17
Target Sterling Energy
Sector Oil/Gas Exploration
Buyer(s) Summit Midstream
Sellers(s) Morgan Stanley Capital Partners
Morgan Stanley Energy Partners
Deal Type Add-on Acquisition

Target

Sterling Energy

Denver, Colorado, United States
Sterling Energy is a natural gas gathering, processing and marketing company serving oil and gas producers in the Denver-Julesburg Basin of northeast Colorado and the Williston Basin of northwest North Dakota. Sterling Energy was founded in 2000 and is based in Denver, Colorado.

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Buyer(S) 1

Buyer

Summit Midstream

The Woodlands, Texas, United States
Category Company
Founded 2009
Sector Energy Services and Equipment
Employees220
Revenue 383M USD (2020)
DESCRIPTION

Summit Midstream is a growth oriented midstream energy company focused on acquiring and developing midstream energy infrastructure assets that are strategically located in unconventional North American production basins. Summit Midstream was founded in 2009 and is based in The Woodlands, Texas.

DEAL STATS #
Overall 1 of 2
Sector (Oil/Gas Exploration) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Colorado) 1 of 1
Country (United States) 1 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-26 Summit Midstream Partners - The Tioga System

Williams County, North Dakota, United States

Summit Midstream Partners LP - The Tioga System is a Williams County, North Dakota based company comprising crude oil and gas gathering assets.

Sell $60M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-01 Tall Oak Midstream III

Edmond, Oklahoma, United States

Tall Oak Midstream III assets consist of more than 120 miles of low-pressure and high-pressure pipelines in the Arkoma Basin, as well as the recently developed and fully operational Panther Creek Plant, a 200 MMscf/d RSV technology processing plant that currently moves processed gas to MarkWest’s Arkoma Connector. Tall Oak Midstream III is based in Edmond, Oklahoma.

Buy $155M

Seller(S) 2

SELLER

Morgan Stanley Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
Size Large
Type Sector Agnostic
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.

DEAL STATS #
Overall 24 of 25
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 11 of 11
State (Colorado) 2 of 2
Country (United States) 20 of 21
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-18 Fairway Lawns

Little Rock, Arizona, United States

Fairway Lawns is a provider of residential lawn treatment and pest control services. The Company currently serves over 40,000 customers from 12 lawn treatment locations and 2 pest control locations across six states (AL, AR, GA, OK, SC, TN). Fairway Lawns was formed in 1979 and is based in Little Rock, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-01 Apex Companies

Rockville, Maryland, United States

Apex is a multi-disciplinary environmental services firm with 28 branches located throughout the Eastern and Central United States. The company provides a broad platform of environmental services, including stormwater system design, engineering, and maintenance; ports, harbors, and water system design and engineering; environmental remediation; industrial hygiene services; and general site assessment, regulatory compliance, and environmental consulting work. Apex was formed in 1988 and is headquartered in Rockville, Maryland.

Buy -
SELLER

Morgan Stanley Energy Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Focused
DESCRIPTION

Morgan Stanley Energy Partners is an investment group within Morgan Stanley focused on opportunities in the energy sector. The group looks to invest in North American companies valued between $50 million and $1 billion. Prospective situations include corporate carve-outs, management buyouts, founder-led recapitalizations, platform build-ups, and growth equity investments. Morgan Stanley Energy Partners is based in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Colorado) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-07 SolMicroGrid

Alpharetta, Georgia, United States

SolMicroGrid is a differentiated developer and operator of microgrid systems offering energy resiliency and efficiency to commercial and industrial customers throughout North America. SolMicroGrid provides its innovative, solar-enabled microgrid solutions through an energy-as-a-service business model. SolMicroGrid was founded in 2019 and is based in Alpharetta, Georgia.

Buy -
Mergr

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