BUYER POOL ANALYSIS
Selling a Oil Gas Services to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 6.86x across 101 disclosed deals (P25: 3.95x, P75: 11.25x). Median EV/Revenue 2.81x across 109 deals. Median deal value: $819.57M.
- How many disclosed transactions?
- 117 deals total (117 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of oil gas services businesses.
- Most active buyers
- Brookfield Infrastructure Partners L.P. (3) · Enbridge Inc. (3) · Western Midstream Partners, LP (2) · ARC Financial Corp. (2) · Saltchuk Resources, Inc. (2) · Highwood Asset Management Ltd. (2)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of oil gas services businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Aris Water Solutions, Inc. | Western Midstream Partners, LP | $2306.1M | 11.3x | 4.99x |
| 2025 | Berry Corporation | California Resources Corporation | $643.0M | 1.8x | 1.00x |
| 2025 | Canvas Energy LLC | Diversified Energy Company | $549.4M | 4.0x | 1.81x |
| 2025 | Colonial Enterprises, Inc. | Brookfield Infrastructure Partners L.P. | $9000.0M | 9.0x | — |
| 2025 | Maverick Natural Resources, LLC | Diversified Gas & Oil Corporation | $1242.1M | 3.3x | 1.37x |
| 2025 | PHX Minerals Inc. | WhiteHawk Income Corporation | $186.2M | 13.1x | 5.28x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same oil gas services can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to oil gas services businesses acquired by private equity / pe-backed roll-up 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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