BUYER POOL ANALYSIS
Selling a Oil Gas Services to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 5.97x across 26 disclosed deals (P25: 4.27x, P75: 8.67x). Median EV/Revenue 2.83x across 32 deals. Median deal value: $94.39M.
- How many disclosed transactions?
- 34 deals total (34 from 2018+), filtered to Individual / Owner-Operator acquirers of oil gas services businesses.
- Most active buyers
- Delek Group Ltd. (1) · Sunoco LP (1) · Icahn Enterprises L.P. (1) · Dialog Systems (Asia) Pte Ltd. (1) · Chord Energy Corporation (1) · Coterra Energy Inc. (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of oil gas services businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | InPlay Oil Corp. | Delek Group Ltd. | $244.9M | 5.6x | 2.95x |
| 2025 | Parkland Corporation | Sunoco LP | $9757.7M | 8.4x | 0.49x |
| 2024 | CVR Energy, Inc. | Icahn Enterprises L.P. | $324.0M | 6.3x | 0.40x |
| 2022 | Pan Orient Energy Corp. | Dialog Systems (Asia) Pte Ltd. | $23.2M | 2.6x | — |
| 2022 | Whiting Petroleum Corporation | Chord Energy Corporation | $3121.5M | 6.2x | 2.31x |
| 2021 | Coterra Energy Operating Co | Coterra Energy Inc. | $10408.5M | 14.1x | 5.17x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to oil gas services businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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