Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 1.6.2021  
C(2021 ) 4077 final  
PUBLIC VERSION  
Hellman & Friedman LLC  
415 Mission Street, Suite 5700  
San Francisco, CA 94105  
United States of America  
 
Genstar Capital Partners, LLC  
Four Embarcadero Avenue, Suite 1900   
San Francisco, CA 94111  
United States of America  
Subject : Case M. 10267  – HELLMAN & FRIEDMAN / GENSTAR / ENVERUS  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 5 May  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Hellman & 
Friedman LLC (‘Hellman & Friedman’ , United States of America) and Genstar 
Capital Partners, LLC (‘Genstar’, United States of America ) intend to acquire , within 
the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation , joint control of  the 
whole of  Titan DI Holdings, Inc., the holding company of the Enverus group 
(‘Enverus’  or the ‘JV’, United States of America ), which is currently controlled by 
Genstar. The concentration is accomplished by way of  purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Hellman & Friedman: private equity firm with investments in a variety of 
sectors worldwide, focused on market -leading firms with growth potential,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( the ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 184, 12.5.2021 , p. 17. 

2  for Genstar: private equity firm specializing in investments in middle market 
companies in financial services, healthcare, industrial technolog y and software 
industries, and  
 for Enverus: a software -as-a-service (“SaaS”) provider of business -critical 
insights to the energy, power, and commodities industries, whose SaaS 
solutions are focused on upstream, midstream and downstream markets, 
empowering  exploration and production, oilfield services, midstream, utilities, 
trading and risk, and capital markets companies to be more collaborative, 
efficient, and competitive.      
3. After examination of the notification, the European Commission has concluded th at 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph s 5(a) and 5 (b) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .