Executive Network Partnering Corporation’s $1.3 Billion Business Combination with Grey Rock

Holland & Knight represented Grey Rock and Kirkland & Ellis represented ENPC in the transaction. Baker Botts represented Stephens Inc., which acted as financial advisor to ENPC.

Executive Network Partnering Corp. (NYSE: ENPC), a special purpose acquisition entity, entered into a definitive agreement with Grey Rock Investment Partners, a Dallas-based investment firm, to complete a $1.3 billion business combination resulting in the formation of publicly traded Granite Ridge Resources, Inc. Subject to approval by the ENPC stockholders and customary regulatory requirements, Granite Ridge intends to be listed on the NYSE under the ticker symbol “GRNT” upon closing, which is expected to occur later this year.

Grey Rock Investment Partners is a Dallas-based private equity firm with more than $525 million of committed capital under management and interests in more than 2,500 wells in core areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville plays. With a focus on lower and mid-market non-operated working interests, Grey Rock builds positions with low breakeven costs to provide investors with attractive risk-adjusted returns. Grey Rock was founded and is led by three managing directors: Matt Miller, Griffin Perry and Kirk Lazarine. 

Executive Network Partnering Corporation (NYSE: ENPC) was formed as a partnership among Paul Ryan, as Chairman, who served as the 54th Speaker of the U.S. House of Representatives and currently serves as a Partner at Solamere Capital; Alex Dunn, as CEO, who has served in various senior operating roles at several businesses where he helped grow shareholder value, most recently as President of Vivint SmartHome (NYSE: VVNT); and Solamere Capital, a private equity firm anchored by its network of leading business executives, including former chief executive officers of S&P 500 companies.

Evercore acted as exclusive financial and capital markets advisor to Grey Rock and Stephens Inc. acted as financial advisor to ENPC.

The Kirkland team was led by corporate partners Thomas Laughlin (Picture), Will Boothby, Peter Martelli, and Randy Santa Ana and associates Parker Collins, Josh Rocha and T.J. Collins; capital markets partners Julian Seiguer, Anne Peetz, Christian Nagler and Wayne Williams and associate Tony Flor; and real assets partner Danny Nappier and associates Jonathan Strom and Sean Valentine.

Holland & Knight Partners Jeremiah Mayfield and Amy Curtis led the firm’s representation of Grey Rock, with Roger Aksamit leading the tax structuring. They were assisted by Partners Hunter White, Nathan Stone, Mark Melton, Brandon Bloom, Tony Campiti, Kerry Halpern, Ashley Phillips and John Dierking, Of Counsel James McKellar and Associates Heath DeJean, Ricky Alvarado, Cameron Haltom, Richard Jaramillo, Mark Jones, Aaron Powell, Anna Boyer, Ross Tuminello and Leslie Reynolds.

The Baker Botts team included Doug Getten (Partner, Houston), Lakshmi Ramanathan (Special Counsel, Houston), Derek Gabriel (Associate, Dallas) and Chelsea Johnson (Associate, Houston).

Involved fees earner: Derek Gabriel – Baker Botts LLP; Doug Getten – Baker Botts LLP; Chelsea Johnson – Baker Botts LLP; Lakshmi Ramanathan – Baker Botts LLP; Roger Aksamit – Holland & Knight; Ricky Alvarado – Holland & Knight; Brandon Bloom – Holland & Knight; Anna Elizabeth Boyer – Holland & Knight; Anthony Campiti – Holland & Knight; Amy Curtis – Holland & Knight; Heath DeJean – Holland & Knight; John Dierking – Holland & Knight; Kerry Halpern – Holland & Knight; Cameron Edward Haltom – Holland & Knight; Richard Jaramillo – Holland & Knight; Mark Jones – Holland & Knight; Jeremiah Mayfield – Holland & Knight; James McKellar – Holland & Knight; Mark Melton – Holland & Knight; Ashley Phillips – Holland & Knight; Aaron Powell – Holland & Knight; Leslie Reynolds – Holland & Knight; Nathan Stone – Holland & Knight; Ross Tuminello – Holland & Knight; Hunter White – Holland & Knight; Willard Boothby – Kirkland & Ellis; Parker Collins – Kirkland & Ellis; T.J. Collins – Kirkland & Ellis; Tony Flor – Kirkland & Ellis; Thomas Laughlin – Kirkland & Ellis; Peter Martelli – Kirkland & Ellis; Christian Nagler – Kirkland & Ellis; Danny Nappier – Kirkland & Ellis; Anne Peetz – Kirkland & Ellis; Josh Rocha – Kirkland & Ellis; Randy Santa Ana – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; Jonathan Strom – Kirkland & Ellis; Sean Valentine – Kirkland & Ellis; Wayne Williams – Kirkland & Ellis;

Law Firms: Baker Botts LLP; Holland & Knight; Kirkland & Ellis;

Clients: Executive Network Partnering Corporation; Grey Rock Investment Partners; Stephens Inc.;