Riverstone Holdings Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Riverstone Holdings has invested in 1 company.

Riverstone Holdings’ most common sectors for investment areoil/gas exploration (40%) and energy services and equipment (26%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and growth capital (18%). In total, Riverstone Holdings has invested in 14 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2016 when it acquired Talen Energy for $5.2B.

In the last 3 years, Riverstone Holdings has exited 1 company. The Firm’s most common exit type is trade sale (51%). Riverstone Holdings’ largest (disclosed) exit occurred in 2022 when it sold Lucid Energy Group II for $3.6B.

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M&A Summary

  • M&A Total Activity161
    • M&A Buy Activity106
    • M&A Sell Activity55
  • Total Sectors Invested 16
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 53
  • M&A Advisors 8

Riverstone Holdings

712 Fifth Avenue, 36st Floor,
New York, New York 10019
United States
(212) 993-0076
www.riverstonellc.com

Riverstone Holdings is a large specialist private equity firm focused on opportunities in the energy and power industry. Specific areas of interest include oil & gas exploration, midstream transportation/logistics, electric generation, energy & power service, power infrastructure, and energy & power technology. Riverstone was formed in 2000 and is based in New York City.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Consumer Services, Energy Services and Equipment, Engineering, Information Technology, Infrastructure, Machinery, Manufacturing, Marine, Metals/Mining, Oil/Gas Exploration, Renewable Energy, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.2/yr) # 105 - 1 - - - 106
vol $12.1B $12.1B
Sell (0.2/yr) # 54 - 1 - - - 55
vol $18.7B $3.6B $22.3B
  161

Most Recent M&A

Company Date Value Type
Lucid Energy Group II LLC 2022-06-16 3.6B USD Acquisition Financing
Dallas, Texas
T-REX Group, Inc. 2022-01-26 - Venture
New York, New York · www.trexgroup.com
Forsa Energy Gas Holdings Ltd. 2020-11-11 - Secondary Buyout
Greenock, United Kingdom · www.forsaenergy.com
International-Matex Tank Terminals, Inc. 2020-11-09 2.7B USD Divestiture
New Orleans, Louisiana · www.imtt.com
Cuadrilla Resources Ltd. 2020-02-04 - Add-on Acquisition
Manchester, United Kingdom · www.cuadrillaresources.uk
ILX Holdings LLC 2019-12-10 - Add-on Acquisition
Houston, Texas
Ridley Terminals, Inc. 2019-07-01 - Buyout (LBO, MBO, MBI)
Prince Rupert, British Columbia · www.rti.ca
Enduro Resource Partners LLC 2018-05-16 - Bankruptcy
Fort Worth, Texas
Proserv UK Ltd. 2018-05-14 - Secondary Buyout
Aberdeen, United Kingdom · www.proserv-group.com
Lucid Energy Group II LLC 2018-01-08 1.6B USD Secondary Buyout
Dallas, Texas
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
International-Matex Tank Terminals, Inc. 2020-11-09 International-Matex Tank Terminals - Georgia Terminals 2022-11-01 1
New Orleans, Louisiana · www.imtt.com Savannah, Georgia
ReEnergy Holdings LLC 2008-08-01 ReSource Waste Services LLC 2021-11-30 1
Albany, New York · www.reenergyholdings.com Albany, New York · www.resourcewasteservices.com
Centennial Resource Development LLC 2016-07-07 Centennial Resource Development LLC - Produced Water Assets 2020-02-25 1
Delaware Basin, Texas Delaware Basin, Texas
TrailStone LP 2013-05-21 U.S. Oil & Refining Co. 2018-11-27 1
London, United Kingdom Tacoma, Washington · www.usor.com
Talen Energy Corp. 2016-06-03 B-G Mechanical Contractors, Inc. 2017-09-15 5
Allentown, Pennsylvania · www.talenenergy.com Chicopee, Massachusetts · www.bgmechanical.com
Talen Energy Corp. 2016-06-03 Elmsford Sheet Metal Works, Inc. 2017-09-15 4
Allentown, Pennsylvania · www.talenenergy.com Cortland Manor, New York · www.elmsfordsheetmetal.com
Talen Energy Corp. 2016-06-03 Trystate Mechanical, Inc. 2017-09-15 3
Allentown, Pennsylvania · www.talenenergy.com Yonkers, New York · www.trystatemech.com
Talen Energy Corp. 2016-06-03 H.T. Lyons, Inc. 2017-09-15 2
Allentown, Pennsylvania · www.talenenergy.com Allentown, Pennsylvania · www.htlyons.com
Talen Energy Corp. 2016-06-03 Fred Williams, Inc. 2017-09-15 1
Allentown, Pennsylvania · www.talenenergy.com Weymouth, Massachusetts · www.fwilliams.com
Centennial Resource Development LLC 2016-07-07 Silverback Exploration LLC 2016-11-01 1
Delaware Basin, Texas San Antonio, Texas

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 8 (27%) 175M (2%) 42 (40%) 4.2B (35%)
Energy Services and Equipment 7 (23%) 2.7B (33%) 27 (25%) 2.7B (22%)
Renewable Energy 7 (23%) - 14 (13%) -
Utilities 1 (3%) 5.2B (65%) 4 (4%) 5.2B (43%)
Marine 1 (3%) - 3 (3%) -
Agriculture 1 (3%) - 2 (2%) -
Business Services - - 2 (2%) -
Machinery - - 2 (2%) -
Manufacturing 1 (3%) - 2 (2%) -
Transportation 2 (7%) - 2 (2%) -
Automotive - - 1 (1%) -
Infrastructure 1 (3%) - 1 (1%) -
Internet Software and Services 1 (3%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Real Estate - - 1 (1%) -
Software - - 1 (1%) -
Total 30 $8.1B 106 $12.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (73%) 8.1B (100%) 78 (74%) 10.8B (89%)
  Texas 10 (33%) 175M (2%) 47 (44%) 2.4B (20%)
  California - - 5 (5%) -
  Colorado - - 4 (4%) 470M (4%)
  Pennsylvania 2 (7%) 5.2B (65%) 3 (3%) 5.2B (43%)
  Connecticut 1 (3%) - 3 (3%) -
  Oklahoma 1 (3%) - 3 (3%) -
  Maryland 1 (3%) - 3 (3%) -
  Louisiana 2 (7%) 2.7B (33%) 2 (2%) 2.7B (22%)
  North Carolina 2 (7%) - 2 (2%) -
  New York 2 (7%) - 2 (2%) -
  Virginia 1 (3%) - 1 (1%) -
  Illinois - - 1 (1%) -
  Florida - - 1 (1%) -
  Missouri - - 1 (1%) -
Canada 3 (10%) - 10 (9%) 625M (5%)
  Alberta 1 (3%) - 7 (7%) 625M (5%)
  Ontario 1 (3%) - 2 (2%) -
  British Columbia 1 (3%) - 1 (1%) -
United Kingdom 1 (3%) - 8 (8%) 200M (2%)
Mexico 1 (3%) - 2 (2%) 525M (4%)
Brazil 1 (3%) - 2 (2%) -
Netherlands 1 (3%) - 2 (2%) -
Argentina 1 (3%) - 1 (1%) -
China - - 1 (1%) -
Greece - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 22 (73%) 8.1B (100%) 78 (74%) 10.8B (89%)
Cross-border 8 (27%) - 28 (26%) 1.4B (11%)
Total 30 $8.1B 106 $12.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 11 (37%) - 52 (49%) 1.4B (11%)
Growth Capital 5 (17%) - 19 (18%) -
Stake Purchase 5 (17%) - 11 (10%) 470M (4%)
Secondary Buyout 1 (3%) - 9 (8%) 2.0B (16%)
Divestiture 3 (10%) 2.9B (35%) 6 (6%) 3.1B (26%)
Venture 2 (7%) - 3 (3%) -
Going Private 1 (3%) 5.2B (65%) 2 (2%) 5.2B (43%)
Consolidation 1 (3%) - 1 (1%) -
Joint Venture 1 (3%) - 1 (1%) -
PIPE - - 1 (1%) -
Recapitalization - - 1 (1%) -
Total 30 $8.1B 106 $12.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 21 (38%) 20.2B (90%)
IPO 14 (25%) -
Trade Sale 8 (15%) 1.3B (6%)
Secondary Sale 6 (11%) 320M (1%)
Bankruptcy 3 (5%) -
Merger 2 (4%) 532M (2%)
Unknown 1 (2%) -
Total 55 $22.3B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 2
Jefferies
 1
Evercore Group LLC
 1
Legal Deals
Latham & Watkins
 5
Vinson & Elkins LLP
 3
Wachtell, Lipton, Rosen & Katz LLP
 1

Deal Values

buy # Total
> $1B 3 $9.5B
$100M to $1B 7 $2.6B
TOTAL $12.1B
Largest Talen Energy Corp.
$5.2B (2016-06-03)
sell # Total
> $1B 7 $14.8B
$100M to $1B 12 $7.5B
TOTAL $22.3B
Largest Lucid Energy Group II LLC
$3.6B (2022-06-16)

M&A Connections

Deals
Acquired from
Investor(s)
9%
10 (9%)
Strategic(s)
6%
6 (6%)
Exited to
Investor(s)
7%
4 (7%)
Strategic(s)
56%
31 (56%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

40.0B USD

Established

2000

Specialist/Generalist

Specialist

Leadership

David Leuschen

Co-Founder & Senior Managing Director

Pierre Lapeyre, Jr.

Co-Founder & Senior Managing Director

Andrew Karian

Managing Director

Daniel Flannery

Managing Director

Germán Losada

Managing Director

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