EnCap Flatrock Midstream Mergers and Acquisitions Summary

Venture Capital Firm Profile

In the last 3 years, EnCap Flatrock Midstream has invested in 1 company.

EnCap Flatrock Midstream’s most common sectors for investment areoil/gas exploration (66%) and energy services and equipment (35%) . The Firm’s most common investment types include growth capital (52%) and buyout (lbo, mbo, mbi) (45%). In total, EnCap Flatrock Midstream has invested in 3 US states. Its largest (disclosed) acquisition occurred in 2012 when it acquired Caiman Energy II for $800M.

In the last 3 years, EnCap Flatrock Midstream has exited 2 companies. The Firm’s most common exit type is trade sale (60%). EnCap Flatrock Midstream’s largest (disclosed) exit occurred in 2012 when it sold Caiman Energy for $2.5B.

Join Mergr to view EnCap Flatrock Midstream’s full profile and discover more middle-market venture capital firm investors just like it.

M&A Summary

  • M&A Total Activity44
    • M&A Buy Activity29
    • M&A Sell Activity15
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 16
  • M&A Advisors 4

EnCap Flatrock Midstream

1826 North Loop 1604 West, Suite 200,
San Antonio, Texas 78248
United States
(210) 494-6777
www.efmidstream.com
info@efmidstream.com

EnCap Flatrock Midstream is a private investment firm focused on venture related opportunities in the midstream energy sector. EnCap Flatrock seeks majority positions in natural gas gathering, treating, processing and storage; crude oil gathering and transportation; and natural gas liquids fractionation, storage and transportation. EnCap Flatrock Midstream is affiliated with investment firm EnCap Investments, a large diversified energy investment firm. EnCap Flatrock is based in San Antonio, Texas.


Investment Criteria

Sectors of Interest: Energy Services and Equipment, Oil/Gas Exploration

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.2/yr) # 28 - 1 - - - 29
vol $2.5B $2.5B
Sell (1.0/yr) # 10 3 - 2 - - 15
vol $9.8B $2.9B $12.7B
  44

Most Recent M&A

Company Date Value Type
Lotus Midstream LLC 2023-03-27 1.5B USD Add-on Acquisition
Sugar Land, Texas · www.lotusmidstream.com
Lotus Midstream Operations LLC 2023-03-27 1.5B USD Add-on Acquisition
Sugar Land, Texas · www.lotusmidstream.com
Cardinal Midstream Partners 2022-04-21 - Growth Capital
Dallas, Texas · www.cardinalmp.com
Nuevo Midstream Dos LLC 2021-11-16 - Add-on Acquisition
Houston, Texas · www.nuevomidstream.com
Tall Oak Midstream II LLC 2021-01-27 - Secondary Buyout
Edmond, Oklahoma
Tall Oak Midstream III LLC 2021-01-27 - Secondary Buyout
Edmond, Oklahoma
Ironwood Midstream Energy Partners II LLC 2019-11-12 400M USD Buyout (LBO, MBO, MBI)
San Antonio, Texas · www.ironwoodmidstream.com
Getka Energy LLC 2019-06-17 - Secondary Buyout
Tulsa, Oklahoma · www.getkaenergy.com
Candor Midstream Solutions LLC 2018-08-21 - Growth Capital
Houston, Texas · www.candormidstreamsolutions.com
Getka Energy LLC 2018-03-27 - Growth Capital
Tulsa, Oklahoma · www.getkaenergy.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Ironwood Midstream Energy Partners II LLC 2019-11-12 Nuevo Midstream Dos LLC 2021-11-16 1
San Antonio, Texas · www.ironwoodmidstream.com Houston, Texas · www.nuevomidstream.com

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 2 (22%) - 19 (66%) 1.6B (68%)
Energy Services and Equipment 7 (78%) 650M (100%) 10 (34%) 750M (32%)
Total 9 $650M 29 $2.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (100%) 650M (100%) 29 (100%) 2.2B (100%)
  Texas 8 (89%) 650M (100%) 23 (79%) 2.2B (100%)
  Oklahoma - - 4 (14%) -
  Colorado 1 (11%) - 2 (7%) -
Total 9 $650M 29 $2.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 5 (56%) - 15 (52%) -
Buyout (LBO, MBO, MBI) 3 (33%) 650M (100%) 13 (45%) 2.2B (100%)
Stake Purchase 1 (11%) - 1 (3%) -
Total 9 $650M 29 $2.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 6 (40%) 7.6B (68%)
Secondary Sale 5 (33%) 3.6B (32%)
Trade Sale 4 (27%) -
Total 15 $11.2B

Top M&A Advisors

Legal Deals
Thompson & Knight LLP
16
Shearman & Sterling LLP
3
Gibson, Dunn & Crutcher LLP
1

Deal Values

buy # Total
$100M to $1B 7 $2.3B
< $100M 2 $200M
TOTAL $2.5B
Largest Caiman Energy II LLC
$800M (2012-07-10)
sell # Total
> $1B 7 $12.1B
$100M to $1B 1 $600M
TOTAL $12.7B
Largest Caiman Energy LLC
$2.5B (2012-04-27)

M&A Connections

Deals
Exited to
Investor(s)
33%
5 (33%)
Strategic(s)
67%
10 (67%)

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