December 11, 2019

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Energy & Sustainability M&A Activity – November 2019

Recent M&A Activity:

  • October 1, 2019: City Pipe & Supply was acquired by Russel Metals for $160 million. The acquisition is a strategic and cultural fit that affords Russel Metals the opportunity to further expand its high-margin oilfield services business in the Permian Basin.

  • October 1, 2019: NorthStar Battery reached a definitive agreement to be acquired by EnerSys for $182.5 million.

  • October 3, 2019: Reliance Gathering reached a definitive agreement to be acquired by Oryx Midstream Services (a portfolio company of Stonepeak Infrastructure Partners) and Rattler Midstream Partners (a subsidiary of Diamondback Energy, Inc.) for $355 million.

  • October 8, 2019: Middlesex Water, through its subsidiary Tidewater Utilities, entered into a definitive agreement to acquire the subsidiaries of J.H. Wilkerson & Son, including Wilkerson Water Company and Broadkiln Beach Water Company. The acquisition will enable Tidewater Utilities to add nearly 1,000 customers and provide services through seven community water systems in Kent and Sussex Counties in Delaware as well as the Broadkiln Beach community bordering the Delaware Bay in Sussex County, Delaware.

  • October 8, 2019: Cube Hydro Partners was acquired by Ontario Power Generation for $1.12 billion. Eagle Creek and Cube Hydro Partners will be combined to form OPG’s US hydro platform.

  • October 9, 2019: Gas South reached a definitive agreement to acquire the Florida assets of the Peninsula Energy Services Company (PESCO) for an undisclosed amount. PESCO is the natural gas marketing subsidiary of the Chesapeake Utilities Corporation, which has announced that it will be exiting the natural gas marketing business and selling many of its assets.

  • October 9, 2019: United Energy Trading reached a definitive agreement to acquire the non-Florida retail operations and contracts of Peninsula Energy Services Company (PESCO), a natural gas marketing subsidiary of Chesapeake Utilities Corporation, for an undisclosed amount. The sale is one of several transactions made by Chesapeake Utilities Corporation as it moves to exit the natural gas marketing business and sell the majority of its PESCO assets.

  • October 9, 2019: Connecticut Water Service was acquired by SJW Group for $1.1 billion. The combined company SJW Group is the third-largest water utility among investor-owned entities in the United States.

  • October 14, 2019: Jagged Peak Energy reached a definitive agreement to be acquired by Parsley Energy for $1.62 billion. Jagged shareholders will receive a fixed exchange ratio of 0.447 shares of Parsley Class A common stock for each share of Jagged common stock they own; this represents $7.59 per Jagged share based on Parsley’s closing price on October 11, 2019. This transaction excludes Jagged Peak’s net debt of approximately $650 million as of June 30, 2019.

  • October 15, 2019: The Electrification Division of Quantum Fuel Systems was acquired by XL Hybrids for an undisclosed amount.

  • October 17, 2019: Basalt Infrastructure Partners reached a definitive agreement to acquire Third Coast Midstream LLC’s natural gas transmission business for an undisclosed amount. The acquisition enables Basalt Infrastructure Partners to capture continued industrial growth in demand-driven, regulated ‘last-mile’ natural gas pipelines serving utilities.

  • October 18, 2019: The Hartley was acquired by Campbell Oil Company for an undisclosed amount. The acquisition enables Campbell to strengthen its position in the southeastern Ohio market.

  • October 22, 2019: Rigworx reached a definitive agreement to be acquired by United Energy Corp. for an undisclosed amount.

  • October 25, 2019: Isramco was acquired by Naphtha Israel Petroleum Corp for approximately $96.5 million. The acquisition expands Naphtha’s footprint in the United States to include ISRL’s more than 400 oil and gas wells. As a result of the merger, Isramco became an indirect wholly owned subsidiary of Naphtha, and its common stock has ceased trading and will be delisted from the NASDAQ Capital Market.

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Member / Chair, Energy & Sustainability Practice
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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...

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Sahir Surmeli Energy & Sustainability Attorney Mintz Levin
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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.

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