Private equity giant Hellman & Friedman has initiated a sale process for Enverus, a Texas-based energy software company, in a deal that could value the business at approximately $6bn, according to a report by Bloomberg citing sources familiar with the matter.
The firm has engaged Citi to advise on the transaction, which has already drawn interest from both strategic buyers and other private equity groups. The process remains at an early stage, with a full sale or partial stake divestment among the options under consideration. Sources cautioned that no transaction is guaranteed at this point.
Enverus, headquartered in Austin, provides software, data and analytics solutions to oil and gas companies. The company generates around $400m in EBITDA, and the valuation is expected to be close to 15x EBITDA, according to those familiar with the situation.
Hellman & Friedman acquired Enverus from Genstar Capital in 2021 in a deal worth $4.25bn. Genstar retained a minority stake, which it still holds. Representatives for Hellman & Friedman, Genstar, Citi, and Enverus declined to comment.
