SIT­U­A­TION

• Ilu­mi­nar Ener­gy LLC (the ​“Com­pa­ny”), a pri­vate­ly held retail elec­tric provider in ERCOT, required a quick sale from the mar­ket due to debts incurred result­ing from Win­ter Storm Uri
• Chi­ron engaged as both Invest­ment Banker and Finan­cial Advisor
• Chi­ron worked with Ilu­mi­nar and its major cred­i­tors to pro­vide the quick­est and best solu­tion for all par­ties via an expe­dit­ed sale of the Company
• Chi­ron pre­pared the Com­pa­ny for sale and con­tact­ed hun­dreds of poten­tial buy­ers (small and large REPs, pri­vate equi­ty, ener­gy trad­ing houses)
• Key buy­ers were assessed quick­ly and were walked through details of the Company’s busi­ness by the Chi­ron team

OUT­COME

• Expe­dit­ed sales process led to sev­er­al expres­sions of inter­est from key large retail elec­tric providers
• Cre­at­ed auc­tion dynam­ic in expe­dit­ed time frame and final accept­ed bid was 3x larg­er than ini­tial indications
• Even­tu­al buy­er cho­sen based on their over­all val­ue and struc­ture of the deal
• Sale com­plet­ed out­side of bank­rupt­cy process and pro­vid­ed addi­tion­al pro­ceeds for creditors
• Entire process com­plet­ed in less than three weeks, from engage­ment to sign­ing & closing
• Chi­ron used its deep bench of pow­er and ERCOT & PUCT exper­tise to pro­vide the best out­come while max­i­miz­ing value

“Weil enjoyed work­ing with Chi­ron Finan­cial as sole Finan­cial Advi­sor and Invest­ment Banker to Ilu­mi­nar on its sale to JP Ener­gy Resources, dba Ampra Ener­gy. The Chi­ron team was pro­fes­sion­al and respon­sive dur­ing a dif­fi­cult and time-sen­si­­tive trans­ac­tion.” — Robert Lemons, Part­ner at Weil, Got­shal & Manges LLP