Whether it is equity acquisitions, debt and credit structures or alliances and joint ventures, completing successful transactions within the evolving energy sector is complex. Energex is committed to supporting the goals of its clients no matter how challenging.
Energex combines expert commercial advice grounded in industry experience with operational expertise and underpinned by robust analytics, to provide a unique and comprehensive commercial due diligence service for investors across the energy sector. We work with our clients to support a strong investment process that fully evaluates the drivers of value whilst critically analysing risks and unlocking upside opportunities.
Energex strives to help its clients mitigate risks and maximise commercial performance by:
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Sourcing and vetting opportunities, including measuring the feasibility of strategies and asset investments
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Undertaking detailed commercial due diligence
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Bridging between commercial and technical due diligence
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Participating in management presentations
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Providing critical market intelligence and market studies
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Assisting with the business planning process
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Offering post-execution strategy and support, including Board Directorships, assessing investment projects, sourcing strategic/financial partners and helping to fill expertise gaps

Oil & Petrochemicals
Energex focuses on supporting the successful acquisition and post-close development of the midstream assets which facilitate the storage, blending and onward distribution of crude oil, refined products and petrochemicals and the operating companies within these supply chains. Our advice is built on a deep understanding of the specific commodity markets which underpin asset utility and value.
Contacts: Jason Rajah, Boris Oudenbroek, Michael Brennan
Case studies
Acquisition of three major seaborne oil terminals within Europe
M&A Transactions - Oil & Petrochemicals
Acquisition of a pan-European oil & petrochemicals terminal portfolio
M&A Transactions - Oil & Petrochemicals
Acquisition of a marine fuel storage and blending terminal
M&A Transactions - Oil

Gas & LNG
We provide commercial due diligence and advice to investors in LNG liquefaction, re-gasification and gas storage, pipelines and transport. Our coverage spans greenfield developments and operating assets where in both cases we leverage our proprietary Global Gas and LNG Model and market knowledge to inform business planning, asset valuations and deal structures.
Contacts: Tom Field, Liz Martin
Case studies
Acquisition a global LNG shipping, supply & regasification portfolio
M&A Transactions - Gas & LNG
The acquisition of new build LNG carriers
M&A Transactions - Gas & LNG
Acquisition of a European LNG & LBG liquefaction plant
M&A Transactions - Gas & LNG

Energy Transition
Investing in assets and infrastructure that offer alternative energy sources, requires in-depth understanding of the competitive and pricing dynamics, supply-demand patterns and the existing supply chains that low and no-carbon alternatives must displace. Understanding how low and no-carbon energy sources will transact, price and move are critical components to the value of the assets that will support them. We have provided this expertise, transactions support and commercial due diligence to institutional investors across multiple transactions in waste-to-value, biofuels, renewable power and biogas.
Contacts: Michael Brennan, Jonathan Martland, Ulrich Arnheiter
Case studies
Acquisition of a European waste-to-value pyrolysis platform
M&A Transactions - Energy Transition

Michael has worked in the energy industry for over 30 years, with an extensive background in building successful asset-backed trading businesses. He is currently the managing partner at Energex and leads the M&A Transactions Services practice.
Before co-founding Energex, Michael spent 23 years at Morgan Stanley and was an integral part of the senior management team that created one of the best-in-class global commodity trading divisions. He managed the global oil trading business whose activities spanned crude oil marketing, refining and tolling, product blending, storage, wholesale fuels distribution, shipping, principal investments and structured transactions, – covering virtually the entire value chain.
Michael has served on the boards of several private companies in the energy sector, in particular in the midstream storage, transport fuels and shipping sectors, and specialises in Commodities Trading Expertise (Oil), Building Complex Trading Operations and Growing and Optimising Asset Portfolios.
Michael Brennan
Managing Partner
Industry Experience:
Morgan Stanley
Maersk Tankers
Navigator Terminals
Transmontaigne Inc.
Specialities:
Commodities Trading Expertise (Oil)
Building Complex Trading Operations
Growing and Optimising Asset Portfolios
Commercial Due Diligence

Jason has over 23 years of experience in the Energy sector. At Energex, he leads the Infrastructure Services business, which provides strategic and business planning on the impact of energy transition and growth in energy needs spanning oil products, chemicals, base oils and renewables. Jason has led several large successful transactional due diligence processes and provides independent oil asset and strategy advice to Energex’s clients.
Before joining Energex, Jason spent 15 years at BP, where he developed and upgraded several billion dollars worth of assets and business transformation programmes. He is trained in multiple oil major project techniques and well accustomed to working with diverse teams, engineering companies, investors and asset operators.
Jason is a Cambridge Astrophysics graduate and specialises in Midstream Infrastructure, Evaluating Investment Cases and Projects, and Transactions Due Diligence.
Jason Rajah
Partner
Industry Experience:
BP
Barclays Capital
Salomon Smith Barney
Specialities:
Midstream Infrastructure Specialist
Evaluating Investment Cases and Projects
Transactions Due Diligence Expertise

Jonathan has over 35 years of experience in the oil and commodity industries.
Jonathan’s career began at Shell, before various trading roles in Goldman Sachs and GLG, and a leadership position in Koch Supply and Trading. He joined Morgan Stanley in 2007 and until 2016 he co-led the clean products trading team with responsibility for EMEA and Asia, before moving to a leadership role at CCI after it purchased Morgan Stanley’s trading operations. He is a former Chairman of the European Feedstocks Association
Jonathan specialises in Commodity Trading (Oil and Petrochemical Interfaces) for both Transaction Due Diligence and Strategic Advisory and has a focus on Energy Transition including biofuels.
Jonathan Martland
Partner
Industry Experience:
Morgan Stanley
Shell
Goldman Sachs
GLG
Koch Supply and Trading
Specialities:
Commodities Trading Expertise (Oil)
Transaction Advisory Due Diligence
Advisory in Energy Transition

Tom is an experienced energy industry advisor, with around 10 years’ sector experience having worked in analytics, strategy consulting and business management of the energy practice within a major global law firm. At Energex, Tom is focused on the natural gas and LNG sectors, advising on M&A, strategy, markets and operations.
Tom has advised infrastructure funds, (including Brookfield, FSI, OTPP, GIC and ADIA) on major transactions in the midstream oil and gas sector. Additionally, Tom brings experience of working with corporate/government clients in the gas and LNG sectors to develop their businesses and projects, enter new markets and build long-term strategies.
Tom specialises in Commodities Markets (Gas and LNG), Transactions Due Diligence; and Strategy Development.
Tom Field
Senior Associate
Industry Experience:
Gas Strategies
Shearman & Sterling LLP
The Centre for Global Energy Studies
Specialities:
Commodities Markets (Gas and LNG)
Transaction Due Diligence
Strategy Development

Liz has over 20 years of trading and commercial management experience in the oil, gas and LNG business. She joined Energex in 2020 and has enjoyed helping companies with commercial strategy and organisation, particularly around storage and refining assets.
Since 2013, Liz has worked as a consultant, where she initially focused on teaching and assessing traders in numerous major oil companies, NOCs, trading houses and at the ICE exchange. She continues to be the course leader on courses globally. Before this, she spent fifteen years working with BP, initially in refining, before moving to frontline oil, gas and then LNG trading roles in London and Houston. She has also worked in Group Economics and was the strategy manager for Shah Deniz II development.
Liz is also a Non-Executive Board member for Crossbridge Energy Partners which owns the Fridericia refinery and other assets focusing on energy transition and waste processing. She specialises in Commodities Markets (Oil, LNG and Gas), Midstream and Refining Business Strategy and Asset-backed trading.
Liz Martin
Partner
Industry Experience:
BP
Crossbridge Energy Partners
TwoTwoFive
Bain & Company
Specialities:
Commodities Markets Expertise (Oil, LNG and Gas)
Midstream and Refining Business Strategy
Asset-backed trading

Boris has over 20 years of experience in various international leadership roles for Oiltanking, a global provider of independent tank storage logistics. At Energex, Boris is providing commercial and strategic advice to clients active in the energy infrastructure space, especially for storage terminals looking for opportunities related to the energy transition.
Before joining Energex, Boris ran his own company, an Energy Logistics Advisory firm, based in Amsterdam, the Netherlands. Advising clients in the energy industry to support their strategic decisions, with a focus on (storage) Terminals and port-related infrastructure. One of his main projects concerned the successful divestment of a large European storage terminal portfolio. During his extended career at Oiltanking, Boris was the MD of Oiltanking Terneuzen, was Business Director for Europe and the Americas, and functioned as the regional director for the Nordic and Baltic regions, where he oversaw the management of all terminals in the region.
Boris specializes in Storage Terminals and Port-Related Infrastructure, Commercial and BD-related activities and M&A-driven investment and divestment processes (oil, chemicals and renewables).
Boris Oudenbroek
Senior Advisor
Industry Experience:
Oiltanking
Oiltanking Terneuzen
VOTOB
Specialities:
Storage Terminals and Port-Related Infrastructure
Commercial and BD-related activities
M&A-driven investments and divestments (petroleum and chemical space)

Ulrich has over 20 years of experience and is a seasoned professional with expertise in physical and financial energy markets gained at leading companies. At Energex, Ulrich is responsible for the proprietary Global LNG and Gas Model which covers physical and price forecasting functionalities. He contributes to the transactional due diligence process and models outlooks of energy transition scenarios and the impacts of environmental market developments on the energy markets.
Before joining Energex, Ulrich was responsible for forecasting, power market studies and project delivery activities at the Low Carbon Contracts Company. He has extensive commercial and transactional experience and is highly skilled in project delivery and the use of data science applications and modelling.
Ulrich specialises in Gas and Power Market Analytics, Commodities and Low Carbon and Investment Project Analysis and Modelling.
Ulrich Arnheiter
Senior Associate
Industry Experience:
Low Carbon Contracts Company
EDF Energy
BP
Specialities:
Gas and Power Market Analytics
Commodities and Low Carbon Expertise
Investment Project Analysis and Modelling
Acquisition of three major seaborne oil terminals in Europe

M&A Transactions – Oil & Petrochemicals
The Engagement:
Commercial Due Diligence
Bulk liquids storage terminals
The Client:
Major Infrastructure Investment Fund
Duration:
3 months
Transaction Summary
- The acquisition of three market-leading European bulk liquids storage terminals located in Hamburg, Amsterdam and the Strait of Gibraltar
- Total of 2.3 million cubic meters capacity storing a range of products spanning fuel oil, diesel, gasoline, base oils and chemicals
- Number of blue-chip customers with supply chain integration
- Enterprise value of the transaction approximately €725 million
- Energex also provided the commercial due diligence for the refinancing of this portfolio at a later stage
Outcome:
- Energex developed a long-term business plan to 2040, based on supply/demand outlooks, competitive landscape and contracted customer base
- Attended site visits and management presentations for all three terminals to assess capabilities and growth potential. Worked closely with the buy-side technical advisors
- Inputted into the buy-side financial model including generating feasible upside and downside scenarios
- Energex delivered lender’s report with reliance for the successful financing of the transaction and analysis for insurance providers
- Supported the Investment Committee’s analysis of the transaction from a commercial perspective
- Our client successfully closed on the transaction in 2019
Acquisition of a pan-European oil & petrochemicals terminal portfolio

M&A Transactions – Oil & Petrochemicals
The Engagement:
Commercial Due Diligence
Bulk liquids storage terminals
The Client:
Major Infrastructure Investment Fund
Duration:
4 months
Transaction Summary
- Acquisition of a 45% stake in a bulk liquids storage terminal operator with assets located in France, the Netherlands, Belgium and Turkey
- With a total of 3.5 million cubic meters capacity across 13 terminals, storing a broad range of liquids spanning petroleum, chemical and agri-food products
- A diversified base of industrial customers with supply chain integration
- Enterprise value of approximately €1 billion
Outcome:
- Energex participated in detailed site visits to the 6 largest terminals in the portfolio to assess capabilities and growth potential. Worked closely with the technical advisors
- Attended the management presentations with our client and submitted Q&A based on commercial risk analysis
- Energex developed the long-term business plan to 2040 feeding into the financial model, based on a detailed analysis of regional demand outlooks by product, competitive landscape for each supply envelope, the contracted customer base and upside growth opportunities
- Supported the Investment Committee analysis of the transaction from a commercial perspective providing a detailed Commercial Due Diligence Report
- Our client successfully closed on the transaction in 2019 and the portfolio has proven to be a platform for deploying capital through further acquisitions
Acquisition of a global LNG shipping, supply & regasification portfolio

M&A Transactions – Gas & LNG
The Engagement:
Commercial Due Diligence
Global LNG portfolio of long term supply contracts, shipping and downstream offtake
The Client:
Major Global Asset Manager
Duration:
6 months
Transaction Summary
- Our client was seeking an entry into the global LNG market, with access to diversified, long-term contracted volumes of LNG, logistics and downstream supply outlets
- Energex originated an investment opportunity with an international energy company considering an exit from their LNG portfolio
- The portfolio consisted of multiple 20-year supply contracts totalling almost 5 million tonnes per annum of LNG supply, time charter contracts for LNG carriers and a portfolio of regasification contracts and multi-year wholesale supply contracts to industrial users in two continents
Outcome
- Energex negotiated a period of exclusivity for bi-lateral negotiations between both parties
- Facilitated all discussions and negotiations between both parties
- Particular focus on transaction structure – profit sharing, earn-outs, JV – and credit arrangements to underpin the portfolio post-transaction
- Provided commercial due diligence on the portfolio, valuation analysis on LNG contracts and long-term forecasting of LNG flows
- The transaction did not finally close owing to issues with deal structure
Acquisition of new build LNG carriers

M&A Transactions – Gas & LNG
The Engagement:
Commercial Due Diligence
LNG newbuild vessels
The Client:
European Infrastructure Investment Fund
Duration:
2 months
Transaction Summary
- Proposed acquisition of two 180,000 cubic meter new-build LNG carriers
- Vessels to be built in a major Korean shipyard for delivery mid-decade
- Our client wanted to assess partnering with a renowned ship owner for the provision of management services for the construction and contract life of the new build LNG carriers.
- Transaction supported by a long-term time charter contract with a major participant in the LNG markets, providing secure cashflows
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Outcome:
- Provided the client with full commercial due diligence to support the submission of a binding offer and to secure debt financing
- Detailed overview of the global LNG market and long-term LNG and gas supply and demand forecasts. Provided an overview of the LNG shipping sector
- Directional analysis of long-term LNG shipping rates
- Commercial review of commercial agreements including shipbuilding contracts and long-term time charter contracts (TCP), highlighting risk allocations and cost assumptions
- Provided commercial inputs into the valuation model including re-contracting rates at the expiry of the TCP
Acquisition of a European LNG & LBG liquefaction plant

M&A Transactions – Gas & LNG
The Engagement:
Commercial Due Diligence
LNG & LBG liquefaction plant
The Client(s):
Midstream Gas Infrastructure Owner and Operator
Duration:
3 months
Transaction Summary
- Acquisition of a mid-scale LNG and LBG (liquid biogas) liquefaction plant in Northern Europe
- Annual nameplate LNG production capacity of 300,000 metric tonnes with 28,000 cubic meters of storage capacity
- State-of-the-art natural gas and biogas facility operating mainly on electricity produced from renewable sources
- The facility plays a critical role in enabling a lower carbon footprint for the Nordic industrial and road transport market as well as the maritime sector across Northwest Europe
- Competitive sales process organised by the vendor, a national utility. Transaction price not disclosed.
Outcome:
- Derivation of the appropriate tolling fee and structure based on market supply dynamics and alternative viable supply points (including small-scale LNG transportation costs) in Europe
- Assessed tolling fee impacts on the asset under different demand scenarios
- Commercial due diligence of contracts and operational set-up
- Submitted a Valuation Assessment Report to our client, which was used for the Investment Committee decision process and financial modelling of the asset
- Our client successfully closed the transaction in 2021
Acquisition of a European waste-to-value pyrolysis platform

M&A Transactions – Energy Transition
The Engagement:
Origination & Commercial Due Diligence
Waste Recycling Plant
The Client:
Global Infrastructure Investment Fund
Duration:
9 months
Transaction Summary
- Our client was seeking platform investment opportunities in the recycling and waste-to-value sector, to allow for a scaled-up deployment of capital over a 3-5 years period
- The seller was seeking equity investment capital to fund the construction of a world-first commercial scale, 180,000 tonnes per annum waste tyre pyrolysis plant to convert end-of-life tyres (ELTs) into high-value products such as biofuels and chemical products
- Long-term feedstock supply and product contracts were secured
- There was an investment opportunity in the holding company, allowing for capital participation in a significant pipeline of additional plants in Europe and the US to become the global leader in waste tyre pyrolysis
- Initial investment of €50-75 million with runway to deploy up to €500 million over 5 years
Outcome:
- Energex analysed and profiled the emerging ELT market across Europe and engaged directly with each of the major players to explore capital requirements, understand their business models and form a view on the commercial feasibility of each project
- Selected and presented an investment opportunity to our client and proceeded with detailed due diligence
- Built a financial model and 5-year business plan, with base, downside and upside cases
- Conducted a detailed analysis of feedstock supply dynamics, logistics and regulations.
- Conducted a detailed analysis of product off-take markets and pricing dynamics including subsidy regimes
- Took on board advice on technology ‘readiness’ from technical advisors
- Facilitated bilateral negotiations between our client and the target business.
- Transaction did not close owing to eventual irreconcilable differences in the final deal structure
Acquisition of a marine fuel storage and blending terminal

M&A Transactions – Oil
The Engagement:
Commercial Due Diligence
Bulk liquids storage terminal
The Client:
Major Infrastructure Investment Fund
Duration:
3 months
Transaction Summary
- Acquisition of a Rotterdam marine fuel storage and blending terminal
- The terminal also provides ancillary services for ship owners.
- Approximately 240,000 cubic meters capacity
- Surplus land for capacity expansion with various options for development
Outcome:
- Energex participated in a detailed site visit to the terminal to assess capabilities and growth potential. Worked closely with the technical advisors
- Detailed analysis of customer contracts, underlying business models and product flows
- Undertook a detailed analysis of the outlook for marine fuel use over a 30-year time horizon, with forecasts and scenarios for changing marine fuels mix as a result of the decarbonization of the maritime sector
- Energex developed the long-term business plan feeding into the financial model, based on a detailed analysis of regional demand outlooks by product stored, the competitive landscape for marine fuels supply in the ARA regions, and commercially feasible options for expansion
- Supported the Investment Committee analysis of the transaction from a commercial perspective providing a detailed Commercial Due Diligence Report
- Our client successfully closed on the transaction in 2020