Contango, Mid-Con deal in further consolidation
Contango Oil and Gas Co. plans to acquire Mid-Con Energy Partners in an all-stock deal valued at $155 million including debt.
The Houston independent oil and gas company on Monday said its “strategic merger” with its Tulsa, Okla.-based rival will expand its oil and gas operations in Oklahoma and Wyoming, adding proven reserves of 23.9 million barrels to Contango’s asset portfolio.
The sale, which is pending approval from shareholders and regulators, is expected to close this year or early next year.
The combined company will be headquartered in Fort Worth, but will continue to maintain a presence in Houston and Oklahoma.
Contango will pay Mid-Con shareholders 1.75 shares of Contango stock for each Mid-Con common stock owned. When the deal close, the combined company will be valued more than $400 million. Mid-Con shareholders will own about 13 percent of the combined company.
BoA takes stake in Unity National
Bank of America Corp. has taken a minority equity stake inHous
ton’s Unity National Bank, the only Blackowned bank in Texas.
BoA has made 10 such investments for about 5 percent interests in the banks in the past two months. Terms of the transaction were not disclosed.
The investments are part of the bank’s pledge to invest $1 billion over four years to advance racial equality, of which $300 million has already been allocated.
LubeZone buys truck repair firm
LubeZone Inc. has purchased All Star Truck Repair of Houston, whose fleet of trucks offers includes mobile mechanical repair and preventative maintenance, full scale mechanical repair and parts delivery directly to customer sites. All Star also operates a heavy-duty truck and trailer parts storefront to provide drivers with a wide selection of parts at their convenience.
All Star Truck Services will continue to operate under its existing name.
LubeZone has 11 locations throughout Texas, Oklahoma, California and Georgia.
Label Smith sold to California company
The Label Smith, a Pasadena full-service flexographic and digital printing company, has been sold to Western Shield Label of Rancho Dominguez, Calif. The acquisition closed Oct. 15, and details were not disclosed.
The transaction was brokered by Generational Equity, a mergers and acquisitions adviser for privately held businesses
Western Shield serves clients in cosmetics, food, beverage, health and beauty aids, nutraceuticals, consumer packaged goods, and water bottles, as well as beer, wine and liquor. The deal allows it to continue its growth in Texas and the Southwest.