M&A Deal Summary |
|
|---|---|
| Date | 2025-12-01 |
| Target | Stakeholder Midstream |
| Sector | Energy Services and Equipment |
| Buyer(s) | Targa Resources |
| Sellers(s) | EnCap Flatrock Midstream |
| Deal Type | Add-on Acquisition |
| Deal Value | 1.3B USD |
| Advisor(s) | Jefferies (Financial) Willkie Farr & Gallagher Clifford Chance (Legal) |
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| Category | Company |
|---|---|
| Founded | 2005 |
| Sector | Energy Services and Equipment |
| Employees | 3,370 |
| Revenue | 16.4B USD (2024) |
Targa Resources is an independent midstream energy companies in the U.S., providing gas gathering, processing, fractionation and transportation through an extensive portfolio of integrated midstream assets. Targa Resources was founded in 2005 and is based in Houston, Texas.
| DEAL STATS | # |
|---|---|
| Overall | 13 of 13 |
| Sector: Energy Services and Equipment M&A | 11 of 11 |
| Type: Add-on Acquisition M&A Deals | 4 of 4 |
| State: Texas M&A | 6 of 6 |
| Country: United States M&A | 13 of 13 |
| Year: 2025 M&A | 1 of 1 |
| Size (of disclosed) | 4 of 5 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2022-06-16 |
Lucid Energy Group
Dallas, Texas, United States Lucid Energy Group is a provider of midstream services to producers in high-growth production areas pursuing organic development projects and strategic acquisitions in other producing basins. Lucid Energy Group is based in Dallas, Texas. |
Buy | $3.6B |
| Category | Venture Capital Firm |
|---|---|
| Founded | 2008 |
| PE ASSETS | 9.0B USD |
| Size | Middle-Market |
| Type | Sector Focused |
EnCap Flatrock Midstream is a private investment firm focused on venture related opportunities in the midstream energy sector. EnCap Flatrock seeks majority positions in natural gas gathering, treating, processing and storage; crude oil gathering and transportation; and natural gas liquids fractionation, storage and transportation. EnCap Flatrock Midstream is affiliated with investment firm EnCap Investments, a large diversified energy investment firm. EnCap Flatrock is based in San Antonio, Texas.
| DEAL STATS | # |
|---|---|
| Overall | 16 of 16 |
| Sector: Energy Services and Equipment M&A | 4 of 4 |
| Type: Add-on Acquisition M&A Deals | 10 of 10 |
| State: Texas M&A | 11 of 11 |
| Country: United States M&A | 16 of 16 |
| Year: 2025 M&A | 1 of 1 |
| Size (of disclosed) | 8 of 9 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2023-03-27 |
Lotus Midstream
Sugar Land, Texas, United States Lotus Midstream is an independent energy company focused on organic development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market. Lotus also is pursuing strategic acquisition opportunities. The company’s mission is to leverage the management team’s thorough understanding of the crude oil value chain to identify optimal markets for supply and demand to maximize producer netbacks. Lotus Midstream was founded in 2018 and is based in Sugar Land, Texas. |
Sell | $1.5B |
