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Energy & Sustainability M&A Activity – February 2019

Recent M&A Activity:

  • December 31, 2018: Roxbury Water Company was acquired by New Jersey American Water, a subsidiary of American Water, for an undisclosed amount. The acquisition will help the acquirer to strengthen its ability to provide water in the water-scarce Highlands Region.
  • December 31, 2018: Equitrans Midstream Corporation announced that it has closed the private purchases of common units in EQGP Holdings, LP for $20.00 per unit in cash. As a result of the Private Purchases, ETRN and its affiliates now own more than 95% of the outstanding EQGP Common Units, and ETRN has exercised the Limited Call Right under EQGP’s partnership agreement to acquire all remaining EQGP Common Units not already owned by ETRN and its affiliates.
  • January 1, 2019: Gulf Power was acquired by NextEra Energy for $6.45 billion. The acquisition also includes the assumption of approximately $1.4 billion of Gulf Power debt. NextEra Energy will finance the $5.1 billion cash portion of the transaction through the issuance of new debt.
  • January 2, 2019: The Global Batteries & Appliances business of Spectrum Brands was acquired by Energizer Holdings for $2 billion. The transaction will be made in cash. Spectrum Brands expects to use the net cash proceeds after tax and transaction costs to reduce debt, reinvest in its core businesses both organically and through bolt-on acquisitions, and repurchase shares.
  • January 2, 2019: Milan Supply Company was acquired by Franklin Electric for $5.9 million. The acquisition of Milan adds to Headwater's commitment to the important Michigan groundwater market and further fulfills its objective of being the leading source in groundwater systems distribution in the United States.
  • January 2, 2019: Celtic Energy was acquired by NV5 Global for an undisclosed amount. This acquisition will enable NV5 to secure additional energy efficiency program capabilities that were recently mandated for investor-owned gas and electric companies in California.
  • January 14, 2019: U.S. Oil and Refining Co., a subsidiary of TrailStone, was acquired by Par Pacific Holdings for $358 million. The acquisition of the company will further balance Par Pacific's mainland and Pacific crude exposure by tripling its mainland refinery capacity.
  • January 16, 2019: Maximum Solar was acquired by Ameresco for an undisclosed amount. This acquisition will enable Ameresco to expand its operations and maintenance services to owners of commercial-scale photovoltaic solar facilities.
  • January 16, 2019: PDE Total Energy Solutions reached a definitive agreement to be acquired by Morrow-Meadows for an undisclosed amount. This acquisition will enable Morrow-Meadows to leverage new, innovative business opportunities both domestically and globally to meet and respond to the changing needs of the energy sector.
  • January 22, 2019: Artisan Vehicle Systems reached a definitive agreement to be acquired by Sandvik for an undisclosed amount. The acquisition will help Sandvik develop its Battery Electric Vehicle solutions business.
  • January 22, 2019: Combustion Technologies was acquired by Environmental Energy Services for an undisclosed amount. This acquisition will position EES as a complete energy efficiency monitoring and optimization solutions provider, serving utilities and a broad array of industrial applications including steel, cement, petroleum refineries, pulp & paper, and others.

*Source: PitchBook

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About this Author

Member / Chair, Energy & Sustainability Practice

Tom Burton’s zeal for innovation and passion for energy and sustainability have shaped the clean energy industry. He created one of the nation’s first clean energy legal practices. Clients ranging from investors to entrepreneurs to Fortune 100 companies rely on him for creative and strategic legal solutions, and he has completed hundreds of venture capital and private equity financings, mergers and acquisitions, and IPOs. He guides the industry’s next generation of leaders through active involvement with start-up organizations and accelerators. The Northeast Clean Energy Council recognized...

Sahir Surmeli Energy & Sustainability Attorney Mintz Levin

Sa is a highly skilled and versatile business counselor who advises companies, boards, entrepreneurs, investment banks and venture and private equity investors, as they build and grow companies. He handles public offerings, 144A and private financings, acquisitions, joint ventures and strategic partnerships. Sa guides public and private companies and investors, primarily in the energy and sustainability, technology, materials science, hospitality, retail and life sciences industries. Known as a problem-solver, Sa executes transactions with creative structures to address new opportunities in finance and development of new markets by clients in partnership with global corporations. He also helps entrepreneurs secure financing, commercial agreements and partnerships.

Sahir represents emerging growth and established energy technology, information technology, life sciences and retail companies, investors and investment banks in public offerings, 144A offerings and other private financings, mergers & acquisitions, joint ventures and strategic partnerships. Sa is listed among the Top 100 Cleantech & Renewables Lawyers by Euromoney’s LMG Cleantech & Renewable Energy. He was also named a Massachusetts Super Lawyer in 2014, 2015, 2016 and 2017.

Sa is a senior member of the firm’s Securities Practice Group and Technology Practice Group and serves as Co-chair of the firm's Energy & Sustainability Practice. The firm’s Energy & Sustainability Practice has completed more than 500 transactions across energy sectors totaling over $8.5 billion since 2006. Serving more than 250 clients, spanning the ecosystem from emerging companies to large corporations, venture capital and private equity funds, investment banks, project developers, and family offices, the firm is recognized nationally as a leading law firm in the space.

Sa has worked on a wide variety of capital-raising projects, including equity, debt, syndicated loan, strategic investment and structured finance offerings, with aggregate proceeds of more than $10.6 billion. He has extensive experience in corporate finance and securities law as well as mergers and acquisitions. Sa represents issuers, underwriters, initial purchasers, and placement agents in public and private equity offerings, debt offerings (particularly high-yield, but also investment grade), bank financings, leveraged buyouts, securitizations, and related transactions as well as private equity funds in leveraged buyouts. He is also a key contributor to MintzEdge, an online resource for entrepreneurs that includes useful tools and information for starting and growing a company.

Sa has an MBA in corporate finance and focuses on adding value in complex financing structures and helping younger companies navigate the challenges of the public and private markets. He handles projects in a broad range of sectors, including energy and clean technology, information technology, telecommunications, materials technology, biotech, aerospace, semiconductor, retail and hospitality. He also has extensive international experience — he previously practiced in New York, Tokyo, and Hong Kong and now works from the Boston office of Mintz. He has represented clients in the United States, Australia, Canada, China, France, Germany, Japan, Korea, the Netherlands, Turkey, the United Kingdom, and elsewhere.