Acquest Advisors Research
Advisory Approach
Acquest Advisors is a Houston-based boutique M&A advisory firm founded in 2007 that specializes exclusively in the energy sector, with particular depth across upstream, midstream, downstream, chemicals, and power industries. The firm operates with a distinctive thesis: the best outcomes for energy sector clients come from advisors who possess both deep investment banking experience and genuine operating expertise within the industries they serve. This dual perspective—banker plus operator—enables Acquest to assess transactions from their clients' point of view and provide informed strategic guidance that generalist firms cannot match.
The firm's senior bankers average 25 years of experience as both advisors to the energy industry and executives within it. Acquest's exclusive focus on financial advisory eliminates potential conflicts of interest created by trading, proprietary investing, or other business activities. As the firm states: "Acquest has only clients; it does not have counterparties." This client-only alignment is central to their value proposition.
Sector Focus
Acquest's practice spans the full energy value chain:
Upstream Energy: Exploration and development properties, producing assets, and E&P company divestitures. The firm has advised on transactions involving operators across major U.S. shale plays including the Eagle Ford, Bakken, and Haynesville formations, as well as international assets in Colombia and Peru.
Midstream Energy: Gathering systems (crude oil, natural gas, NGLs), gas processing plants, produced water handling, crude-by-rail terminals, storage facilities, and LNG terminals. The firm has completed numerous midstream transactions, including the $150 million monetization of Penn Virginia's crude oil gathering system and the $100 million sale of the Crossroads processing plant.
Downstream Energy: Refineries, terminals, refined products logistics, and marketing businesses. Acquest has advised on the sale of downstream marketing businesses with valuations exceeding $200 million.
Chemicals: Specialty chemicals manufacturing and distribution. The firm represented Monumont Chemical in the negotiated acquisition of Advanced Aromatics' specialty chemical solvents and naphthalene derivatives business.
Power: Natural gas-fired generation and power storage projects, including compressed air energy storage (CAES) developments. Acquest advised on the sale of Norton Energy Storage, a 2,000 MW CAES development project, to FirstEnergy Corp.
Deal Track Record
Acquest has completed 25+ transactions spanning the energy value chain, with aggregate transaction value exceeding $3 billion. Notable transactions include:
Midstream Transactions:
- Sale of Penn Virginia's 120-mile Eagle Ford gathering system to American Midstream Partners for $100 million (12.5x EBITDA valuation)
- $150 million monetization of Penn Virginia's crude oil gathering system with Republic Midstream
- $85 million sale of New Gulf Resources' Eagle Ford gathering system to Midcoast Energy Partners
- $63 million sale of Penn Virginia's Crossroads gas processing plant to DCP Midstream
Downstream & Marketing:
- $205 million sale of Texon's crude oil marketing business to Sunoco Logistics Partners
- $140 million sale of Texon's butane blending business to Sunoco Logistics Partners
- Sale of Asgard's natural gas retail marketing operations serving 1,400+ commercial customers
Upstream & Corporate:
- $5.4 billion restructuring of Pacific Exploration & Production (Colombia's largest private E&P company), reducing debt from $5.4 billion to $250 million
- Divestiture of Penn Virginia's producing assets and midstream systems
Project Finance:
- $300 million sale of 50% interest in Gulf LNG's $1.1 billion terminal development to El Paso Energy
- $870 million non-recourse credit facility for the LNG terminal project
- Sale of Norton Energy Storage (2,000 MW CAES project) to FirstEnergy Corp
Process & Fee Structure
Acquest maintains a partner-led engagement model where one or more partners remain deeply involved throughout the transaction lifecycle. The firm's process includes:
Sell-Side Engagements: Comprehensive evaluation of assets or business units, development of sales strategy, identification and outreach to potential buyers (200+ contacts per process), production and distribution of offering materials under confidentiality, transaction structuring, price negotiation, and documentation support.
Buy-Side Engagements: Identification and evaluation of acquisition targets, strategy development for negotiated purchases or bidding processes, valuation and transaction structuring, negotiations, and documentation.
Financing & Project Advisory: Arrangement of equity, senior debt, and mezzanine debt from financial sponsors, corporations, institutional investors, and banks. The firm has particular expertise in midstream and downstream project financings ranging from $100 million to over $1 billion.
Typical engagement timeline is 3-6 months from engagement to close, with several transactions closing within 90 days of process initiation. The firm targets transactions in the $50 million to $500 million enterprise value range.
Buyer Network
Acquest maintains relationships with a broad spectrum of energy industry buyers, including:
Private Equity Firms: ArcLight Capital Partners, Haddington Energy Ventures, CCMP, and other energy-focused sponsors.
Publicly-Traded MLPs: Sunoco Logistics Partners, American Midstream Partners, Midcoast Energy Partners, DCP Midstream, Keyera Facilities Income Fund, Enterprise Products Partners, and Enbridge Energy Partners.
Strategic Buyers: CenterPoint Energy, FirstEnergy Corp, El Paso Energy, Calumet Specialty Products Partners, and other energy industry strategics.
International Buyers: Canadian funds (Keyera) and Latin American acquirers.
Competitive Positioning
Acquest differentiates through:
- Energy Expertise: Senior bankers with 25+ years of energy experience as both advisors and operators
- Conflict-Free Advisory: Pure advisory model with no proprietary trading or counterparty activities
- Partner-Led Execution: Every engagement led by one or more partners who remain involved throughout
- Houston Location: Proximity to energy industry decision-makers and transaction parties
- Spanish Language Capability: Ability to transact in Spanish for Latin American transactions
- Full Value Chain Coverage: Upstream through downstream expertise enabling integrated perspective
Not a Fit If
Acquest typically declines engagements outside the energy sector, transactions below $50 million enterprise value, or situations requiring rapid execution without proper process. The firm's energy specialization and boutique model make it an ideal choice for energy sector clients seeking dedicated senior banker attention and deep industry knowledge, but less suitable for diversified transactions or clients seeking a multi-sector banking relationship.
Team
The firm is led by founding partners with extensive energy banking backgrounds:
Sheldon Stoughton, Partner: Three decades of energy industry experience, primarily as an investment banker. Previously led the Americas oil and gas advisory practice at Standard Chartered. Earlier career at Royal Bank of Scotland, Credit Suisse, SBC Warburg, and Bankers Trust, where he originated and executed M&A and financing transactions worth over $20 billion across upstream, midstream, and downstream segments. Began career at Exxon in the Treasury Department and later worked at Reliant Resources in business development and international finance. MBA from University of Chicago Booth School, B.Sc. and B.A. from University of Pennsylvania. Fluent Spanish speaker. FINRA CRD# 1946520.
Thomas Schnitzius, Partner: Co-founder of Acquest Advisors. Background includes legal and financial advisory roles in energy transactions.
The firm maintains a lean team structure with approximately 3-5 professionals, ensuring partner-led execution on all engagements.
Geographic Coverage
Primarily United States with particular strength in Texas and other major energy-producing regions (Oklahoma, Louisiana, Colorado, Pennsylvania). International capability through Spanish-language proficiency and prior transaction experience in Colombia, Peru, and Canada. Houston location provides access to global energy industry decision-makers.