Texoma Transportation & Crude Marketing LLC has acquired CP Energy for an undisclosed amount.
CP Energy, headquartered in Edmond, Okla., provides crude oil marketing, logistics and purchasing company.
Texoma is backed by New York private equity firm Crestview Partners, and Gainesville, Texas-based PE firm B-29 Investments, who acquired a controlling stake in CP Energy.
Gainesville-based Texoma provides crude oil purchasing, gathering and transportation services to the oil and gas industry. The acquisition allows the buyer to expand into new geographic markets, specifically the Texas/Oklahoma panhandle region.
Raymond James served as Texoma’s financial adviser, while Vinson & Elkins LLP provided legal advice to Texoma and Crestview. McAfee & Taft served as CP Energy’s legal counsel.
The deal comes amid a flurry of M&A activity from the oil and gas sector. Recent deal include American Midstream Partners LP’s (NYSE: AMID) agreement to buy a natural gas gathering systemin the Eagle Ford shale play for $100 million, and CorEnergy Infrastructure Trust Inc.’s (NYSE: CORR) deal for a petroleum products terminal facility in Portland for $40 million.