Adam D. Larson, P.C.
Overview
Adam Larson is a partner in the Houston and Austin offices of Kirkland & Ellis LLP. Adam’s primary practice areas include mergers and acquisitions, private equity, and capital markets. He has counseled private equity investors, their portfolio companies, and other public and private companies in connection with mergers, acquisitions, dispositions, joint ventures and offerings of equity and debt securities.
Adam also advises clients in connection with the negotiation of partnership and LLC agreements, securities laws compliance, and corporate governance. Adam advises clients across a broad range of industries, including energy, renewables and sustainability, technology, consumer products and industrials.
Experience
Representative Matters
Morgan Stanley Infrastructure Partners in its co-control equity investment in Flextential, a leading data center solutions provider
Warburg Pincus in the sale of its portfolio company, Aquila Air Capital (“Aquila”), a leading engine lessor, to funds managed by Wafra Inc.
Sunpower Corp. (NASDAQ: SPWR) in the sale of its Blue Raven Solar, New Homes and Non-Installing Dealer Network assets to Complete Solaria, Inc. (NASDAQ: CSLR) in a sales transaction pursuant to Section 363 of the U.S. Bankruptcy Code
McDermott International, Ltd in its agreement to sell its CB&I storage business to a consortium of financial investors led by Mason Capital Management for gross proceeds of $475 million
Apollo in its investment in bp Pipelines TAP, a subsidiary of bp (NYSE: BP) that holds a 20% share in Trans Adriatic Pipeline AG, in a transaction valued at $1 billion
SM Energy Company (NYSE: SM) in its $2.55 billion acquisition of Uinta Basin assets from XCL Resources, LLC
Energy Impact Partners in its partnership with OceanSound Partners to acquire Message Broadcast, a provider of customer engagement software for the electric utility industry
Greenlake Energy, an oil and gas exploration and production company based in Austin, Texas, in its line of equity financing from NGP
Garrison Energy Holdings, an oil and gas exploration and production company based in Midland, in its $500 million line of equity financing from an institutional investor and the company's management team and employees
Oaktree Capital Management, L.P., and affiliated funds, in its refinancing of a back-leverage debt facility consisting of a $375 million senior secured first lien term loan and a $96 million capital contribution by the sponsor
TG Natural Resources LLC in its $2.7 billion acquisition of Rockcliff Energy II LLC, an upstream natural gas company focused on the East Texas Haynesville shale
Tall City Property Holdings III, a portfolio company of Warburg Pincus LLC, in the sale of its Delaware Basin assets to Vital Energy (NYSE: VTLE) for $285 million in cash and 1.58 million common shares
Apollo (NYSE: APO) in connection with the sale of Broad Reach Power, a Houston-based company specialized in battery storage, to French multinational utility company ENGIE, by co-investment partners Apollo, EnCap, Yorktown Partners and Mercuria Energy, for a total equity value in excess of $1 billion
Funds managed by affiliates of Apollo (NYSE: APO) in a private placement of Series A Cumulative Convertible Preferred Units in Kimbell Royalty Partners, LP (NYSE: KRP), a leading owner of oil and gas mineral and royalty interests
Energy Impact Partners in an equity investment of more than CA$150 million in RS Technologies, Inc., a utility structure manufacturing business that designs, engineers, and manufactures composite poles, crossarms, structures and related products for the electric utility transmission and distribution sectors
NexTier Oilfield Solutions, Inc. (NYSE: NEX) in its $5.4 billion merger of equals with Patterson-UTI Energy, Inc. (NASDAQ: PTEN)
Actis in its acquisition of a co-control stake in Catalyze, a distributed solar and battery storage infrastructure developer
Twin Ridge Capital Acquisition Corp. (NYSE: TRCA), a publicly traded special purpose acquisition company, in its $270 million business combination with Carbon Revolution Limited (ASX: CBR)
Alberta Investment Management Corp. in its acquisition of an additional stake in Howard Energy Partners, an energy platform business with midstream and downstream assets, from Astatine Investment Partners
Spring Valley Acquisition Corp. II (Nasdaq: SVIIU), a special purpose acquisition company sponsored by an affiliate of Pearl Energy Investment Management, LLC and focusing on target businesses in the sustainability industry, in its $230 million initial public offering
Foundation Risk Partners (FRP) and Warburg Pincus in Partners Group’s acquisition of a controlling stake in FRP from Warburg Pincus
The management team of Lucid Energy Group II in the approximately $3.55 billion sale of Lucid Energy Delaware, LLC to Targa Resources Corp. (NYSE: TRGP)
Warburg Pincus in its acquisition of El Car Wash, an express car wash operator in South Florida
Stronghold Energy, a portfolio company of Warburg Pincus LLC, in the $465 million sale of its Permian Basin assets to Ring Energy, Inc. (NYSE: REI)
Red Bluff Resources and Bricktown Energy, portfolio companies of HPS Investment Partners, in the sale of substantially all of their oil and gas properties to Citizen Energy
RimRock Oil & Gas LP, a portfolio company of Warburg Pincus LLC, in its $865 million sale of leasehold interest and related assets in the Williston Basin to Devon Energy Corp. (NYSE: DVN)
Warburg Pincus in its $320 million line-of-equity commitment to Viridi Energy, a full-service renewable natural gas platform
Navitas Midstream Partners Holdings LLC, a portfolio company of Warburg Pincus LLC, in its $3.25 billion sale of its Midland Basin natural gas gathering, treating and processing business to Enterprise Products Partners LP (NYSE: EPD)
Warburg Pincus and Chisholm Energy Holdings LLC in Chisholm’s $604 million divestiture of its Northern Delaware Basin assets to Earthstone Energy, Inc. (NYSE: ESTE)
Spring Valley Acquisition Corp. (NASDAQ: SV) in its $1.9 billion merger with NuScale Power, an industry-leading provider of small modular nuclear reactor technology
Apollo (NYSE: APO) in its acquisition of a 50 percent stake in Broad Reach Power LLC, a leading renewable energy and energy storage developer
Ares’s Infrastructure & Power strategy in its acquisition of a majority stake in Apex Clean Energy, a leading renewables developer transitioning to an independent power producer, and certain related co-investment arrangements
Berry Corporation (NASDAQ: BRY) in the acquisition of Basic Energy Services’ California operations, through a court-supervised auction process as part of Basic’s Chapter 11 restructuring
Warburg Pincus and Full Sail IP Partners in the acquisition of Odwalla from Coca-Cola Co.
Array Technologies, Inc. (Nasdaq: ARRY), one of the world’s largest manufacturers of utility-scale solar technology, in its sale of up to $500 million of perpetual preferred stock to Blackstone Energy Partners
Warburg Pincus and Hawkwood Energy in Hawkwood’s $650 million acquisition by WildFire Energy I
Warburg Pincus in its strategic investment in Global Healthcare Exchange, a leading provider of cloud-based supply chain solutions for healthcare organizations
Warburg Pincus and LMCA in the launch of Full Sail IP Partners, an innovative brand acquisition firm
Warburg Pincus in its line-of-equity commitment to Aquila Air Capital, a specialty finance platform focused on commercial aerospace
McDermott International Ltd. in its minority investment in Lummus Technology Holdings I LLC, a holding company of Lummus Technology
Apollo Global Management Inc. on the sale of its interest in Arlington Valley Solar Energy II, a 175 megawatt solar photovoltaic project, to Capital Dynamics
Oaktree Capital Management L.P. on its $100 million preferred equity investment in BKV Corporation, following BKV’s acquisition of Devon Energy Corporation‘s assets in the Barnett Shale
Zenith Energy in its acquisition of three interconnected terminals in Greater Los Angeles from Plains All American Pipeline
Forum Energy Technologies, Inc., a global oilfield products company, in its issuance of $315 million of Convertible Senior Secured Notes in exchange of approximately $328 million of existing unsecured notes
Castleton Resources LLC in its acquisition of Terryville upstream assets in Northern Louisiana from subsidiaries of Range Resources Corporation for $245 million plus contingent payments tied to future commodity prices
Sheridan Holding Company II, LLC and its affiliates, an oil and natural gas investment fund, in their prepackaged Chapter 11 restructuring to address over $1.1 billion of funded debt obligations
Warburg Pincus in its line-of-equity investment in Delta Midstream, LLC, a midstream company targeting opportunities across multiple basins in North America
Warburg Pincus in its $300 million equity commitment to Scale Microgrid Solutions, a developer of modular, microgrid clean energy solutions
McDermott International, Inc. in its $2.725 billion sale of Lummus Technology to The Chatterjee Group and Rhône Group, through a court-supervised auction process as part of McDermott’s prepackaged Chapter 11 restructuring
Warburg Pincus in the $1 billion take-private acquisition of Roan Resources Inc. by Warburg’s portfolio company, Citizen Energy Operating LLC
Stronghold Energy II and its sponsor, Warburg Pincus, in its $191 million acquisition of Central Basis Platform upstream assets from Devon Energy Corp
TPG in its preferred equity investment of up to $140 million to fund capital contributions to Double E Pipeline LLC, a joint venture between Summit Midstream Partners LP and Exxon Mobil Corporation, to construct a FERC-regulated interstate natural gas pipeline in the Delaware Basin
Warburg Pincus in its lead role in a $1 billion equity commitment to WildFire Energy I LLC, a Houston-based exploration and production company focused on U.S. basins
Desert Royalty Company, LLC in its combination with Kimmeridge Energy Management Company, LLC to form Desert Peak Minerals, the largest pure-play mineral and royalty company in the Delaware Basin
C&J Energy Services in an approximately $1.8 billion merger-of-equals with Keane Group
Ensign Natural Resources LLC, a portfolio company of Warburg Pincus and Kayne Anderson, in its acquisition of all of Pioneer Natural Resources USA, Inc.’s Eagle Ford acreage in South Texas
GSO Capital Partners in its $500 million capital commitment to Sequel Energy Group II, a Denver-based oil and gas exploration and production company focused on structured investments in non-operated assets
Nine Energy Service, Inc. in its $493 million acquisition of Magnum Oil Tools International, Ltd.
Warburg Pincus in its $500 million equity commitment to Tall City Exploration III LLC, a Midland-based exploration and production company focused on the Permian Basin
Warburg Pincus in its acquisition of Conquest Completion Services, LLC, a provider of coil tubing services and completion fluids in the Texas and New Mexico oil and gas markets
Pine Brook Road Partners in its line of equity commitment to Ancova Midstream, LLC, an Oklahoma City, Oklahoma-based midstream development company focused on near-the-wellhead oil and gas infrastructure in the U.S. Mid-Continent
Funds managed by Apollo Global Management, LLC in connection with a $200 million equity commitment to Freestone Midstream Holdings, LLC to invest in water assets serving the oil and gas industry with an initial focus on the Powder River Basin in Wyoming
Warburg Pincus in its $300 million capital commitment to Citizen Energy Holdings LLC, an Oklahoma-based oil and gas company
Private midstream company in the buildout of a gathering system and related dedication of acreage in the DJ Basin by an undisclosed producer
Warburg Pincus in its $300 million capital commitment to Ridge Runner Resources LLC, a Midland-based exploration and production company focused on shale developments in the Delaware Basin
Warburg Pincus in its $150 million capital commitment to Stronghold Energy II, a Midland-based oil and gas exploration and production company focused on the Central Basin Platform of the Permian Basin
Warburg Pincus as lead investor in a $350 million convertible preferred equity investment in SemGroup Corporation
Zenith Energy in the sale of a 51 percent membership interest in the Pawnee Crude Oil Terminal in Colorado to Tallgrass Energy Partners, LP
The management team of Lucid Energy Group II in the approximately $1.6 billion sale of Lucid Energy Group II to a joint venture controlled by affiliates of Riverstone and Goldman Sachs
Warburg Pincus in its lead role in a line of equity financing of up to $780 million to ATX Energy Partners, a newly formed oil and gas exploration and production company, and the successor company to Brigham Resources
Warburg Pincus and Zenith Energy U.S., L.P. in the approximately $750 million acquisition of Arc Logistics Partners LP and its general partner, Arc Logistics GP LLC, along with certain related assets held by owners of Arc Logistics Partners
RimRock Oil & Gas and its sponsor, Warburg Pincus, in a $500 million acquisition of upstream assets in the Bakken Shale in North Dakota from Whiting Petroleum Corporation
Alberta Investment Management Company in its commitment to fund, along with a syndicate of financial sponsors, Howard Midstream Energy Partners LLC’s strategic partnership with WPX Energy (NYSE:WPX) to develop crude oil and natural gas gathering and processing infrastructure in the Delaware Basin
Warburg Pincus in connection with the acquisition by its portfolio company, Chisholm Energy, of Delaware Basin oil assets from an undisclosed seller
Warburg Pincus in its $500 million capital commitment to Chisholm Energy, a Fort Worth-based oil and gas exploration and production company focused on the Delaware basin
Warburg Pincus in connection with the $875 million initial public offering of its portfolio company, Antero Midstream GP LP, the general partner of Antero Midstream Partners LP
Warburg Pincus in its capital investment in Hawkwood Energy, a Denver-based independent upstream oil and gas company formed in 2012 with Warburg Pincus and Ontario Teachers’ Pension Plan as lead investors, in connection with Hawkwood Energy’s acquisition of assets owned by Halcon Resources in a transaction valued at approximately $500 million
Quintana Energy Services, LP., an oilfield services company, in connection with its out-of-court recapitalization and the restructuring of its revolving credit facility agented by Amegy Bank
Pine Brook on its co-led $600 million line of equity investment in Admiral Permian Resources, LLC with Riverstone Holdings
Warburg Pincus in its $500 million capital commitment to Trident Energy, a newly-formed oil and gas exploration and production company focused on international assets
GSO Capital Partners in its $500 million capital commitment to Sequel Energy Group, a Denver-based oil and gas exploration and production company focused on structured investments in non-operated assets
Alberta Investment Management Corporation on its agreement to acquire, on behalf of certain of its clients, an ownership stake in Howard Energy Partners from EnLink Midstream Partners, LP
Warburg Pincus on the $2.43 billion sale by its portfolio company, Brigham Resources LLC, of Permian Basin leasehold interests and related assets to Diamondback Energy, Inc
An undisclosed buyer in connection with the purchase of certain of Gastar Exploration Inc.’s oil and gas leasehold interests located primarily in northeast Canadian County and also in southeast Kingfisher County, Oklahoma for approximately $71 million
KKR in its partnership with Venado Oil and Gas, LLC to consolidate proven assets in the Eagle Ford Shale of South Texas
Alberta Investment Management Corporation in its $500 million preferred equity investment in Howard Midstream Energy Partners, LLC
Pine Brook Road Partners in its line of equity commitment to Accelerate Resources Holdings, a Dallas-based exploration and production company focused on U.S. oil and gas basins
Warburg Pincus in a follow-on investment round in Monolith Materials, a chemicals company backed by First Green Partners (a Warburg Pincus-backed fund) and KERN Partners
Warburg Pincus in its lead role in a $1.13 billion line of equity commitment to Venari Resources, an oil and gas company focused on deepwater exploration in the Gulf of Mexico, and in Venari’s subsequent raising of an additional $1.3 billion of equity commitments
Warburg Pincus in its $500 million line of equity commitment to Navitas Midstream Partners, a producer-focused midstream company*
Zenith Energy, an international liquids and bulk terminaling company and Warburg Pincus portfolio company, in its acquisition of the Bantry Bay Oil Terminal in West Cork, Ireland, from Phillips 66*
SCF Partners in the combination of three portfolio companies to form Nine Energy Service, a provider of completion tools and services to support the development of unconventional and conventional oil and gas resources*
MarkWest Energy Partners in its approximate $2 billion acquisition of The Energy & Minerals Group’s stake in a Marcellus Shale joint venture*
Warburg Pincus in its lead role in a $600 million line of equity commitment to Delonex Energy Limited, an East Africa-focused exploration and production company*
Global Infrastructure Partners in its $2.8 billion joint venture with El Paso Corporation to construct, own, and operate the Ruby Pipeline, a 675-mile natural gas pipeline from Wyoming to Oregon*
Quintana Capital Group in connection with its evaluation of the Las Brisas Energy Center coal-fired power plant development project.*
Global private equity fund in its bid for Ameren Corporation’s non-state regulated electrical generation business*
SCF Partners and several of its portfolio companies, including Forum Energy Technologies, Nine Energy Service, and Reservoir Group, in more than 35 domestic and international acquisitions of energy services companies*
MarkWest Energy Partners in its $950 million joint venture with The Energy & Minerals Group for the construction and operation of midstream infrastructure in the Utica Shale, and subsequent increase of EMG’s funding commitment to the joint venture*
Edge Oilfield Services and Summit Oilfield Services in their $300 million sale to Key Energy Services*
Pine Brook Road Partners in its sale of Global Oilfield Services, an artificial lift company, to Halliburton*
Concho Resources in its $1.65 billion acquisition of the oil and gas assets of Marbob Energy Corporation and affiliated entities*
*Matters prior to joining Kirkland
More
Thought Leadership
Speaking Engagements
Moderator, “Renewables, Energy Efficiency and Energy Transition," SuperReturn Energy, November 2023
Recognition
Recognized by IFLR1000 for Corporate and M&A, Capital Markets: Debt, and Capital Markets: Equity, 2020–2024.
Recognized by Chambers USA for Corporate/M&A: Private Equity (Texas), 2022–2024.
Recognized by Chambers USA as Up and Coming for Corporate/M&A: Private Equity (Texas), 2021.
Recognized by The Legal 500 U.S. for Energy Transactions: Oil and Gas (2017 & 2021), Energy Transactions: Conventional Power (2017), and Private Equity Buyouts (2017).
Selected to the Texas Rising Stars list, Super Lawyers (Thomson Reuters), 2013–2020.
Adam has also been a guest lecturer at University of Texas Law School, teaching courses on negotiating corporate transactions.
Memberships & Affiliations
Houston Bar Association, Member
Credentials
Admissions & Qualifications
- 2007, Texas
- 2021, Colorado
- 2005, Illinois (inactive)
Education
- Harvard Law SchoolJ.D.cum laude2005
- University of Illinois at Urbana-ChampaignB.S.with Highest Honors2002