M&A Deal Summary

Tourmaline Oil Acquires Black Swan Energy

On June 11, 2021, Tourmaline Oil acquired oil/gas exploration company Black Swan Energy from Warburg Pincus and Azimuth Capital Management for 1.1B CAD

Acquisition Highlights
  • This is Tourmaline Oil’s 9th transaction in the Oil/Gas Exploration sector.
  • This is Tourmaline Oil’s 2nd largest (disclosed) transaction.
  • This is Tourmaline Oil’s 9th transaction in Canada.
  • This is Tourmaline Oil’s 8th transaction in Alberta.

M&A Deal Summary
Date 2021-06-11
Target Black Swan Energy
Sector Oil/Gas Exploration
Buyer(s) Tourmaline Oil
Sellers(s) Warburg Pincus
Azimuth Capital Management
Deal Type Add-on Acquisition
Deal Value 1.1B CAD

Target

Black Swan Energy

Calgary, Alberta, Canada
Black Swan Energy is an energy company that is actively developing its significant land position in the Montney play in northeast British Columbia. Black Swan Energy was founded in 2010 and is based in Calgary, Alberta.

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Buyer(S) 1

Buyer

Tourmaline Oil

Calgary, Alberta, Canada
Category Company
Founded 2008
Sector Oil/Gas Exploration
Employees389
Revenue 6.2B CAD (2023)
DESCRIPTION

Tourmaline Oil focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin. Tourmaline Oil was founded in 2008 and is based in Calgary, Alberta.

DEAL STATS #
Overall 9 of 11
Sector (Oil/Gas Exploration) 9 of 11
Type (Add-on Acquisition) 8 of 10
State (Alberta) 8 of 10
Country (Canada) 9 of 11
Year (2021) 1 of 1
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-18 Jupiter Resources

Calgary, Alberta, Canada

Jupiter Resources, Inc. is a natural gas company with operations. Jupiter Resources is based in Calgary, Alberta.

Buy $630M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-10 Rising Star

Calgary, Alberta, Canada

Rising Star is an oil and gas exploration service provider based in Calgary, Alberta.

Buy -

Seller(S) 2

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 215 of 251
Sector (Oil/Gas Exploration) 17 of 25
Type (Add-on Acquisition) 73 of 90
State (Alberta) 5 of 6
Country (Canada) 6 of 7
Year (2021) 9 of 22
Size (of disclosed) 22 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 GO-JEK

Jakarta, Indonesia

GO-JEK is a mobile application-based platform in Indonesia that provides a range of services such as ride-hailing, food delivery, lifestyle services, and mobile payments. GO-JEK was founded in 2010 and is based in Jakarta, Indonesia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 Exeter Finance

Austin, Texas, United States

Exeter Finance is an indirect auto finance company. The company underwrites, purchases, services, and securitizes retail installment contracts from U.S. automobile dealers. It works with more than 11,000 dealers and 475,000 customers nationwide providing indirect financing for both new and used vehicles. The company has a serviced finance portfolio of more than $7 billion. Exeter Finance was formed in 2006 and is based in Irving, Texas.

Buy -
SELLER

Azimuth Capital Management

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 3.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Azimuth Capital Management is an independent Canadian private equity firm focused on the energy sector. Azimuth makes equity investments in early stage and emerging energy companies focused on resource and infrastructure development. The Firm generally invests in Canadian companies but will consider opportunities in the US as well. Azimuth Capital Management is based in Calgary.

DEAL STATS #
Overall 13 of 14
Sector (Oil/Gas Exploration) 11 of 12
Type (Add-on Acquisition) 8 of 9
State (Alberta) 10 of 11
Country (Canada) 10 of 11
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Whitecap Resources

Calgary, Alberta, Canada

Whitecap Resources is a oil-weighted company focused on providing sustainable monthly dividends to its shareholders and per share growth through a combination of accretive oil-based acquisitions and organic growth on existing and acquired assets. Whitecap Resources was incorporated in 2009 and is based in Calgary, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-29 TimberRock Energy

Calgary, Alberta, Canada

TimberRock Energy is an oil and gas exploration company with assets and operations focused in West-Central Alberta. TimberRock Energy was founded in 2008 and is based in Calgary, Alberta.

Sell -
Mergr

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