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August 11, 2020

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Energy & Sustainability M&A Activity – October 2019

Recent M&A Activity:

  • September 5, 2019: LiiON lithium reached a definitive agreement to be acquired by Lithium Werks for an undisclosed amount. The acquisition will help Lithium Werks to offer a one-stop platform for fully integrated solutions, starting with battery cells and modules and extending up the value chain to sophisticated energy management systems and software solutions.

  • September 5, 2019: Leaf River Energy Center reached a definitive agreement to be acquired by New Jersey Resources for $367.5 million. The transaction is expected to close in late 2019.

  • September 9, 2019: The Hallen Construction Co. was acquired by Quanta Services for an undisclosed amount. The acquisition enables Quanta to expand in northeast markets and provide multi-year growth opportunities.

  • September 10, 2019: GEO Enhanced was acquired by Demand Brands (Long Beach, California), a subsidiary of Innovativ Media Group, for an undisclosed amount. The acquisition enables Demand Brands to add immediate, substantive value to its shareholders with a huge upside in experience management.

  • September 10, 2019: Quick Mount PV was acquired by EcoFasten (an Esdec company) for an undisclosed amount.

  • September 16: SemGroup reached a definitive agreement to be acquired by Energy Transfer Partners, a subsidiary of Energy Transfer Equity, for $5 billion. The acquisition enables Energy Transfer Partners to increase its scale across multiple regions and provide increased connectivity for its crude oil and NGL transportation businesses.

  • September 18: Energy Insight was acquired by Frontier Energy for an undisclosed amount. The acquisition helps Frontier Energy to expand and provide professional services to help clients reduce energy use and increase alternative transportation.

  • September 19: NorthStar Battery reached a definitive agreement to be acquired by EnerSys for $78 million.

  • September 19: Wellkeeper, a subsidiary of Dixie Electric, was acquired by Noralta Technologies for an undisclosed amount. With this acquisition, the company’s customer sites will be seamlessly added to the Noralta platform to increase its service offering.

  • September 19: The Power Conversion Systems business branch of Ideal Power was acquired by CE+T Power for an undisclosed amount. The acquisition enables CE+T to develop its power switch technology, PPSA products, and solutions.

  • September 23: OnForce Solar was acquired by 174 Power Global, a subsidiary of Hanwha, for an undisclosed amount. This acquisition allows 174 Power Global to provide solutions in the underserved mid-scale commercial solar market, while making community solar more available to home and business owners.

  • September 26: Hillstone Environmental Partners reached a definitive agreement to be acquired by NGL Energy Partners for approximately $600 million. The deal is expected to close by the end of 2019.

  • September 27: White Star Petroleum reached a definitive agreement to be acquired by Contango Oil & Gas for $132.5 million.

©1994-2020 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. All Rights Reserved.National Law Review, Volume IX, Number 282


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.