Denham Capital-backed Alta Resources has sold 42,000 net acres in the Marcellus Shale to Williams Companies (NYSE: WMB) for $501 million. The acreage has an estimated total net natural gas reserves potential of about 1.2 Tcfe and was originally acquired by Alta in February 2009 with acquisition financing provided by Denham. Williams is backed by Madison Dearborn Partners, Riverstone Holdings and The Carlyle Group.
The Gulf States are a hot spot for private equity investing. In the last year and a half alone, there have been 332 deals involving companies in the region, according to the PitchBook Platform. The most active industry has been Commercial Services, which accounts for 61 of the target companies. Other popular industries are Healthcare Services, Commercial Products and Energy Services. The region has attracted 222 PE investors, 72 of which made multiple investments, but only about 12.5% of those investors are located within the region. Instead, many are from New York (68 investors) and California (24). The most active investors in the region include Investcorp (7 deals), The Blackstone Group (6), Parthenon Capital Partners (6), H.I.G. Capital (5), The Carlyle Group (5) and Gridiron Capital (4).