M&A · Energy · Wholesale-Petroleum Bulk Stations & Terminals
Hartree Partners to acquire Sprague Resources LP
Announced Jun 2, 2022 · Closed Nov 1, 2022
Deal value—
Premium27.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Hartree Partners
- Target
- Sprague Resources LP (SRLP)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 1, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $5.0M
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Jefferies
- Jefferies fee
- $1.5M
Sector context · Energy
- Comparable deals
- 33 in the prior 24 months
- Premium
- 27.3% vs. 27.5% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJun 2, 2022
- Proxy filedJul 7, 2022
- Definitive proxyAug 4, 2022
- Shareholder vote—
- ClosedNov 1, 2022
Valuation · fairness opinions
Trading comparables$13.42$19.81
Trading comparables$17.73$24.80
Implied value per Sprague Resources LP share by analysis, from Jefferies.