M&A Deal Summary

Western Refining Acquires Northern Tier Energy

On November 12, 2013, Western Refining acquired energy services and equipment company Northern Tier Energy from ACON Investments and TPG

Acquisition Highlights
  • This is Western Refining’s 1st transaction in the Energy Services and Equipment sector.
  • This is Western Refining’s 2nd transaction in the United States.
  • This is Western Refining’s 2nd transaction in Arizona.

M&A Deal Summary

Date 2013-11-12
Target Northern Tier Energy
Sector Energy Services and Equipment
Buyer(s) Western Refining
Sellers(s) ACON Investments
TPG
Deal Type Merger

Target

Northern Tier Energy

Tempe, Arizona, United States
Northern Tier Energy LP is an independent downstream energy company with refining, retail, and pipeline operations that serves the PADD II region of the United States.

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Buyer(S) 1

Buyer

Western Refining

El Paso, Texas, United States

Category Company
Founded 1993
Sector Energy Services and Equipment
Employees7,347
Revenue 9.8B USD (2015)
DESCRIPTION
Western Refining's corporate headquarters in El Paso, Texas.
Western Refining's corporate headquarters in El Paso, Texas.

Western Refining, Inc. is an independent refining and marketing company. Western's refining segment operates refineries in El Paso, and Gallup, New Mexico. The Wholesale segment includes a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Georgia, Maryland, Nevada, New Mexico, Texas, and Virginia. The retail segment includes retail service stations and convenience stores in Arizona, Colorado, New Mexico, and Texas. Western Refining, Inc. was formed in 1993 and is headquartered in El Paso, Texas.


DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Merger) 1 of 1
State (Arizona) 2 of 2
Country (United States) 2 of 2
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-31 Giant Industries

Scottsdale, Arizona, United States

Giant Industries, Inc. is an independent refiner and seller of petroleum products.

Buy -

Seller(S) 2

SELLER

ACON Investments

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 6.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

ACON Investments is an international private equity firm that targets investments in the US, Europe, and Latin America. ACON's investment strategy covers 'opportunities at times of change - responding at points of inflection where value creation is possible'. Examples include businesses that serve the rapidly growing US Hispanic population, energy and energy service needs, businesses in need of operational help, and opportunities in Latin America resulting from economic deregulation and political liberalization. ACON's looks for companies where it can commit $20 to $150 million of equity capital. Target sectors include consumer products and services, distribution, business services and industrial manufacturing. ACON Investments was formed in 1996 and has offices in Washington DC; Houston, Texas; Los Angeles, California; and Madrid, Spain.


DEAL STATS #
Overall 12 of 30
Sector (Energy Services and Equipment) 2 of 3
Type (Merger) 1 of 1
State (Arizona) 1 of 2
Country (United States) 6 of 20
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-16 Sequitur Energy Resources

Houston, Texas, United States

Sequitur Energy Resources is a an oil and gas exploration and production company. Sequitur Energy Resources was founded in 2013 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-31 Igloo Products

Katy, Texas, United States

Igloo Products designs, produces and distributes a wide and sophisticated assortment of branded hard and soft side coolers, beverage containers, outdoor products and related accessories. Igloo Products was founded in 1947 and is based in Katy, Texas.

Buy -
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 113 of 268
Sector (Energy Services and Equipment) 2 of 4
Type (Merger) 2 of 8
State (Arizona) 3 of 6
Country (United States) 83 of 193
Year (2013) 20 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-05 Envision Pharmaceutical Services

Twinsburg, Ohio, United States

Envision Pharmaceutical Services, Inc. is a full-service pharmacy benefit management (PBM) company. EnvisionRx also offers fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services; access to the nation's largest cash pay infertility discount drug program via Design Rx; an innovative claims adjudication software platform in Laker Software; and a national Medicare Part D prescription drug plan through Envision Insurance Company's EnvisionRx Plus product offering.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-14 Tandem Diabetes Care

San Diego, California, United States

Tandem Diabetes Care is a developer of medical devices for the treatment of diabetes. Tandem Diabetes Care was founded in 2006 and is based in San Diego, California.

Sell -