OFSCap LLC, a boutique energy investment and merchant bank, said March 22 that its subsidiary acquired The Oil & Gas Asset Clearinghouse from CenterGate Capital. The purchase price was not disclosed.
Clearinghouse’s team of 20 professionals will remain with the company and will be combined with OFSCap’s worldwide investment banking team.
The deal is among several in the past six years in which a financial institution has added auction or deal brokering wherewithal.
In April 2014, SunTrust Robinson Humphrey, the corporate and investment banking arm of SunTrust Banks Inc. (NYSE: STI), bought advisory firm Lantana Oil & Gas Partners. Similarly, A&D firms such as Richardson Barr and Jefferies Group LLC were also purchased by banks.
Clearinghouse’s name and brand make up the cornerstone of the deal. OFSCap said it will eventually be strengthened with new products, services, and offerings. Clearinghouse already employs an extensive database to conduct sales. The database is considered among the largest broker/dealer approved database of buyers and sellers of energy properties.
“The Oil & Gas Asset Clearinghouse has distinguished itself as the most respected and trusted company in the business,” said James C. Row, OFSCap co-founder and managing director. “We see an opportunity to evolve and grow Clearinghouse through innovative new products and services. We plan to make the necessary investments to become the industry’s technology leader, provide the best service, and grow the database and offerings globally.”
Harrison Williams remains CEO at Clearinghouse.
Clearinghouse markets oil and gas properties and, since its inception, has sold more than $13 billion worth of property in more than 32,000 transactions. The company is the only A&D advisory services firm in the industry offering live auction and negotiated transaction services.
The Oil & Gas Asset Clearinghouse was founded in 1992. It is billed as the only oil and gas acquisition and divestiture advisory firm with in-house technical expertise that offers a complete line of auction and negotiated transaction services.
Clients can participate through physical attendance or compete online in real-time. The Clearinghouse also provides negotiated transaction services focused on the mid-market. A high level of reserve engineering, geo-science and land expertise support all marketing and advisory services.
Darren Barbee can be reached at dbarbee@hartnergy.com.
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