U.S.-based EdgeMarc Energy Holdings LLC has closed an incremental US$300 million equity commitment, bringing its total commitments to over US$750 million. Teachers’ Private Capital, the private equity investment arm of the Ontario Teachers’ Pension Plan, contributed to the latest deal, joining Goldman Sachs, an existing backer of the company. EdgeMarc is an explorer and producer of natural gas and natural gas liquids in Ohio and Pennsylvania. Founded in 2012, it has acquired 50,000 net acres in these states for drilling and production purposes.
EdgeMarc Energy Closes Incremental $300 Million Equity Commitment
EdgeMarc Energy Holdings, LLC (EdgeMarc or the Company), today announced that it had closed on an incremental $300 million equity commitment bringing total equity commitments to over $750 million. Existing investors including funds managed by the Merchant Banking Division of Goldman Sachs (Goldman Sachs) were joined by new investor Ontario Teachers’ Pension Plan (Ontario Teachers’) through its Private Capital group.
EdgeMarc is a leading exploration and production company focused on the Marcellus and Utica shales with 35 employees based in Canonsburg, Pennsylvania. The Company has acquired over 50,000 net acres across Monroe and Washington Counties in Ohio and Butler County in Pennsylvania and is actively drilling and producing natural gas and natural gas liquids in these areas.
“EdgeMarc represents an opportunity to invest in one of North America’s most attractive natural gas basins,” said Jane Rowe, Senior Vice-President of Teachers’ Private Capital. “The company’s strong management team has a well-defined approach to value creation, and we look forward to supporting their growth efforts.”
“We are pleased to welcome Ontario Teachers’ to EdgeMarc, and we believe that the partnership will help EdgeMarc execute on its development and growth strategies. With this new equity, EdgeMarc is well capitalized to enable it to continue its current drilling operations and to take advantage of opportunities that this environment may present.” said Scott Lebovitz of Goldman Sachs.
“EdgeMarc continues to focus on best-in-class execution, to be well positioned on the cost curve and to prudently take advantage of growth opportunities. It speaks to the quality of the team and the asset position to be entrusted with incremental capital from two major private equity investors,” said Tim Holt, one of EdgeMarc’s lead directors and also a partner in Edgewater Energy LLC (an investor in EdgeMarc).
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EdgeMarc is an exploration and production company headquartered in Canonsburg, Pennsylvania with over 50,000 net acres across Monroe and Washington Counties, Ohio and Butler County, Pennsylvania. For more information visit www.edgemarcenergy.com
About Ontario Teachers’
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $154.5 billion in net assets as of December 31, 2014. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.2% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia Pacific region office is located in Hong Kong and its European, Middle East and African region office is in London. The plan, which is fully funded, invests and administers the pensions of 311,000 active and retired teachers in Ontario. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About Goldman Sachs Merchant Banking Division
Since 1986, the Merchant Banking Division of Goldman Sachs has raised over $140 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in six countries around the world, Goldman Sachs is one of the largest managers of private capital globally, offering deep expertise and long-standing relationships with companies, investors, entrepreneurs and financial intermediaries. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information, please visit www.gs.com/pia.
Photo courtesy of EdgeMarc Energy Holdings LLC