NFR Energy spent $655 million to acquire Trilantic Capital Partners’ TLP Energy, an Oklahoma City-based oil and gas producer, in a transaction that closed earlier this week. Other recent and pending exits for the PE firm include Fortitech, Istanbul Doors Group, Mediclinic International, Microstar Logistics and SRAM.
New York – December 17, 2012 – Trilantic Capital Partners (“Trilantic”), a global private equity firm, today announced that it has completed the sale of the assets of TLP Energy (“TLP”), an Oklahoma City-based oil and gas producer, to NFR Energy (“NFR”) for approximately $655 million, subject to customary closing adjustments. NFR will acquire the upstream and midstream assets of TLP, including approximately 64,000 net acres of mineral leasehold and production of approximately 6,500 barrels of oil equivalent per day.
TLP Energy was formed in August 2011 by its CEO, David Le Norman, with funding by Trilantic Capital Partners. TLP’s assets consist primarily of oil and gas production and leases in the Texas Panhandle and Oklahoma. The company targets several hydrocarbon reservoirs, including the Cleveland Sands and the Granite Wash plays.
“I am very proud of my team for the outstanding results they have delivered in such a short time frame,” added TLP CEO David Le Norman. “This exit represents another value creation opportunity for our shareholders, and we are appreciative of the support Trilantic provided during our partnership over the past year and a half.”
“We would like to thank David Le Norman and the team at TLP Energy for their hard work and dedication to the success of this investment over the last 16 months,” said Christopher Manning, Partner at Trilantic Capital Partners. “Because of this dedication, we have been able to quickly achieve the growth that we had envisioned for TLP.”
TLP Energy is the latest in a series of recent and pending exits for Trilantic including Fortitech, Istanbul Doors Group, Mediclinic International, Microstar Logistics and SRAM.
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Trilantic Capital Partners is a private equity firm focused on control and significant minority investments in North America and Europe with primary investment focus in the consumer, energy, financial and business services sectors. Trilantic was formed in 2009 by the former principals of Lehman Brothers Merchant Banking, where they created a strong track record of investing in and building successful growth businesses. Trilantic currently manages four institutional private equity funds with aggregate capital commitments of $5.0 billion.
The firm and its principals have committed in excess of $1.5 billion across the energy and natural resources sector, with investments in oil and gas exploration and production, midstream, oilfield services, coal mining and mining equipment, and energy merchants. Trilantic and its principals have managed significant investments in leading companies including Antero Resources, Enduring Resources, Pacific Energy Partners, Peabody Energy, and Velvet Energy, among others.