Basin Properties Announces Sale of Ranches and Accelerated Water for $180M
Deal News | May 01, 2025 | Lime Rock Partners LLC
Basin Properties, a Midland, Texas-based company, announced the sale of its interests in two ranches located in Lea County, New Mexico, along with its subsidiary, Accelerated Water, to an undisclosed buyer for $180 million. The assets include nearly 72,000 surface acres in the Delaware Basin, a key area for oil and gas development. Accelerated Water, which provides water sourcing and transfer services, sold over 43.5 million barrels of water for oil and gas operations in 2024. This transaction marks a full exit for Basin Properties. The company was originally formed in 2018 by acquiring the ranches and merging with Accelerated Water, funded by Lime Rock Partners and private E&P firms in the Permian Basin. Lime Rock Partners, a significant player in private equity with over $10 billion raised, identifies its investment strategy as focusing on energy development and innovation. Legal and financial advisory roles for the transaction were handled by Vinson & Elkins LLP and Raymond James Investment Banking, respectively.
Sectors
- Oil and Gas
- Private Equity
- Water Services
Geography
- United States – The companies involved operate within the U.S., focusing on the Delaware Basin, spanning parts of New Mexico and Texas.
- New Mexico – The ranches sold are located in Lea County, New Mexico, highlighting the region’s importance in the transaction.
- Texas – Basin Properties is based in Midland, Texas, emphasizing the company's operational geography.
Industry
- Oil and Gas – The operations in the Delaware Basin relate directly to oil and gas development, a key aspect of Basin Properties' business.
- Private Equity – Lime Rock Partners, a private equity firm, was involved in the formation and eventual exit strategy of Basin Properties.
- Water Services – Accelerated Water, a subsidiary of Basin Properties, focuses on water sourcing and transfer services, crucial for oil and gas operations.
Financials
- $180 million – The transaction amount for the sale of Basin Properties' ranches and Accelerated Water.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Basin Properties | Target company | Company | A company specializing in oilfield water midstream services, focusing on water sourcing and transfer in the Delaware Basin. |
| Lime Rock Partners LLC | Selling Company | Company | A private equity firm that provided initial capital for Basin Properties, facilitating its development and exit strategy. |
| Accelerated Water | Subsidiary | Company | A water services provider under Basin Properties, engaged in extensive water sales for oil and gas operations. |
| Vinson & Elkins LLP | Legal advisor | Company | The legal counsel for Basin Properties in the transaction. |
| Raymond James Investment Banking | Financial advisor | Company | The financial advisor that assisted Basin Properties in the transaction. |
| J McLane | Chief Investment Officer | Person | Managing Director and Chief Investment Officer at Lime Rock Partners. |