M&A Deal Summary

Summit Midstream Acquires Tall Oak Midstream III

On October 1, 2024, Summit Midstream acquired oil/gas exploration company Tall Oak Midstream III from Tailwater Capital for 155M USD

Acquisition Highlights
  • This is Summit Midstream’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Summit Midstream’s largest (disclosed) transaction.
  • This is Summit Midstream’s 2nd transaction in the United States.
  • This is Summit Midstream’s 1st transaction in Oklahoma.

M&A Deal Summary
Date 2024-10-01
Target Tall Oak Midstream III
Sector Oil/Gas Exploration
Buyer(s) Summit Midstream
Sellers(s) Tailwater Capital
Deal Type Add-on Acquisition
Deal Value 155M USD
Advisor(s) Kirkland & Ellis (Legal)

Target

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.

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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 2 of 2
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Oklahoma) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-17 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.

Buy -

Seller(S) 1

SELLER

Tailwater Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
PE ASSETS 4.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Tailwater Capital LLC is a specialist private equity firm focused on middle-market opportunities in the midstream and upstream sectors of the energy industry. Tailwater will consider acquisitions of non-core assets, roll-up situations, anchored greenfields, and joint ventures. Tailwater Capital was formed in 2013 and is based in Dallas, Texas.

DEAL STATS #
Overall 8 of 8
Sector (Oil/Gas Exploration) 5 of 5
Type (Add-on Acquisition) 5 of 5
State (Oklahoma) 1 of 1
Country (United States) 8 of 8
Year (2024) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-02 Cureton Midstream

Denver, California, United States

Cureton Midstream is a midstream company focused on providing commercial solutions to its customers. Cureton Midstream was founded in 2016 and is based in Denver, California.

Sell -
Mergr

Product

Company

Legal