Barclays Investment Banking Pitch Book
MLP Transactions Analysis
Public MLP mergers greater than $1 billion over the past ten years
Announce
Date
Acquirer/Target
10/10/2013 Regency Energy Partners, L.P.
PVR Partners, L.P.
5/6/2013 Inergy Midstream, L.P.
Multiples and Premiums on Selected MLP Transactions
Enterprise Value as a Multiple of:
LTM
LTM
Equity Value as a Multiple of:
LTM
LTM
Net Income
EBITDA
EBIT
DCF
Crestwood Midstream Partners, L.P.
1/30/2013 Kinder Morgan Energy Partners, L.P.
Copano Energy, LLC
4/29/2011 Enterprise Products Partners, L.P.
Duncan Energy Partners L.P.
6/29/2009 Enterprise Products Partners, L.P.
TEPPCO Partners, L.P.
6/12/2006 Plains All-American Pipeline, L.P.
Pacific Energy Partners, L.P.
11/1/2004 Valero L.P.
Kaneb PipeLine Partners, L.P.
Source: Company filings. Excludes acquisitions of GPs
BARCLAYS
Total
Transaction
Value
$5,675
High
Low
$2,506
$4,838
$3,305
$5,894
$2,325
$2,580
Mean
Median
20.2x
19.3x
19.9x
19.8x
11.0x
17.3x
13.8x
17.3x
19.3x
20.2x
11.0x
22
NA
NA
NA
NA
15
24.7x
195
19.6x
1997
24.7x
157
26.4x
1638
22.1x
19.0x
9.7x
19.2x
19.4x
18.9x
19.2x
26.4x
9.7x
NA
NA
NA
NA
16.0x
29.8x
23.2x
23.0x
23.2x
29.8x
16.0x
1-Day
25.7%
14.4%
23.5%
36.1%
9.3%
11.2%
21,2%
20.2%
21.2%
36.1%
9.3%
Premiums Paid
30-Day
23.7%
15.2%
36.1%
40.1%
14.9%
11.1%
20.8%
Comparables
23.1%
20.8%
40.1%
11.1%
60-Day
(0.7%)
6.2%
31.9%
42.9%
34.2%
16.0%
26.3%
22.4%
26.3%
42.9%
(0.7%)View entire presentation