M&A Deal Summary

Buckeye Partners Acquires Bahamas Oil Refining Company International

On December 20, 2010, Buckeye Partners acquired infrastructure company Bahamas Oil Refining Company International from First Reserve for 1.4B USD

Acquisition Highlights
  • This is Buckeye Partners’ 1st transaction in the Infrastructure sector.
  • This is Buckeye Partners’ largest (disclosed) transaction.
  • This is Buckeye Partners’ 1st transaction in Bahamas.

M&A Deal Summary

Date 2010-12-20
Target Bahamas Oil Refining Company International
Sector Infrastructure
Buyer(s) Buckeye Partners
Sellers(s) First Reserve
Deal Type Add-on Acquisition
Deal Value 1.4B USD

Target

Bahamas Oil Refining Company International

Freeport, Bahamas
website
Bahamas Oil Refining Company International Limited is the largest storage terminal facility in the Caribbean, with the ability to store, blend, transship, and bunker fuel oil, crude oil and various petroleum products.

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Buyer(S) 1

Buyer

Buckeye Partners

Houston, Texas, United States

website


Category Company
Founded 1886
Sector Energy Services and Equipment
Employees1,850
Revenue 4.1B USD (2018)
DESCRIPTION
Entrance to Buckeye Partners' corporate headquarters in Houston, Texas.
Entrance to Buckeye Partners' corporate headquarters in Houston, Texas.

Buckeye Partners L.P. owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage and marketing of liquid petroleum products. Buckeye Partners is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye also uses its expertise to operate and/or maintain third party pipelines and perform certain engineering and construction services for our customers. Buckeye Partners was originally established in 1886 and is based in Houston, Texas.


DEAL STATS #
Overall 1 of 5
Sector (Infrastructure) 1 of 1
Type (Add-on Acquisition) 1 of 2
Country (Bahamas) 1 of 1
Year (2010) 1 of 1
Size (of disclosed) 1 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-09 Hess U.S. East Coast & St. Lucia Terminal Network

United States

Hess U.S. East Coast & St. Lucia Terminal Network, comprises 20 liquid petroleum products terminals with total storage capacity of about 39 million barrels.

Buy $850M

Seller(S) 1

SELLER

First Reserve

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 28 of 54
Sector (Infrastructure) 1 of 1
Type (Add-on Acquisition) 10 of 18
Country (Bahamas) 1 of 1
Year (2010) 2 of 2
Size (of disclosed) 5 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-01 Midstream Enterprises

Houston, Texas, United States

Midstream Enterprises (“ME”) is a platform to invest in the energy midstream sector through the acquisition of companies or assets. The portfolio currently consists of a 5.9% General Partner interest in Plains All American (“PAA”), a $16 billion publicly traded master limited partnership engaged in the transportation, storage, terminalling, and marketing of crude oil, refined products and LPG. Midstream Enterprises is headquartered in Houston, Texas, U.S.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-09 Ansaldo Energia Group

Genova, Italy

Ansaldo Energia Group is an international player in the power generation industry, to which it brings an integrated model embracing turnkey power plants construction, power equipment (gas & steam turbines, generators, and microturbines), manufacturing and services, and nuclear activities.​ Ansaldo Energia is active as a full-service provider with a broad portfolio of heavy-duty gas turbines offering complete maintenance solutions on power generation rotating equipment and plants, built both by itself or by other OEMs. Ansaldo Energia Group was founded in 1853 and is based in Genova, Italy.

Buy -