M&A Deal Summary

Avenue Capital Group Acquires C.P. Crane

On February 16, 2016, asset manager Avenue Capital Group acquired utilities company C.P. Crane from Talen Energy

Acquisition Highlights
  • This is Avenue Capital Group’s 1st transaction in the Utilities sector.
  • This is Avenue Capital Group’s 3rd transaction in the United States.
  • This is Avenue Capital Group’s 1st transaction in Maryland.

M&A Deal Summary
Date 2016-02-16
Target C.P. Crane
Sector Utilities
Buyer(s) Avenue Capital Group
Sellers(s) Talen Energy
Deal Type Divestiture

Target

C.P. Crane

Baltimore, Maryland, United States
C.P. Crane owns and operates the 399-megawatt C.P. Crane coal-fired power plant. C.P. Crane is based in Baltimore, Maryland.

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Buyer(S) 1

Buyer

Avenue Capital Group

New York, New York, United States

website

Category Asset Manager
Founded 1995
PE ASSETS 11.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Avenue Capital Group is a private investment firm focused on acquiring a range of public and private securities. Avenue will consider opportunities throughout the US, Europe, and Asia and generally targets distressed assets, including businesses undergoing turnarounds, bankruptcy, reorganizations, and liquidations. Avenue was formed in 1995 and is based in New York City.

DEAL STATS #
Overall 6 of 9
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 2
State (Maryland) 1 of 1
Country (United States) 3 of 3
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-14 Quiznos

Denver, Colorado, United States

Quiznos is engaged in franchising and operating quick-service restaurants commonly known for toasted sub-style sandwiches with approximately 4,000 operating units around the world. Quiznos was founded in 1981 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-16 OAG

Luton, United Kingdom

OAG is a major flight information company that provides accurate, timely and actionable digital information and applications to the world’s airlines, airports, government agencies and travel-related service companies. OAG was founded in 1929 and is based in Luton, United Kingdom

Buy -

Seller(S) 1

SELLER

Talen Energy

Allentown, Pennsylvania, United States

website

Category Company
Sector Utilities
Employees4,981
Revenue 4.5B USD (2015)
DESCRIPTION

Talen Energy is a competitive energy and power generation companies in the United States.

DEAL STATS #
Overall 4 of 10
Sector (Utilities) 1 of 2
Type (Divestiture) 4 of 10
State (Maryland) 1 of 1
Country (United States) 4 of 10
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 Talen Renewable Energy

Allentown, Pennsylvania, United States

Talen Renewable Energy LLC consists of a portfolio of 25 utility-grade clean power projects in Pennsylvania, New Jersey, Vermont, and New Hampshire, with a total of 65 megawatts of nameplate generating capacity.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-04 Sapphire Power Holdings

Houston, Texas, United States

Sapphire Power Holdings is a private independent power company consisting of seven, mid-merit, natural gas-fired, combined cycle power generation units and one natural gas-fired, peaking unit. The Portfolio is located in the Northeast U.S. and has a nameplate capacity of 869.9 MW.

Buy -
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