M&A Deal Summary

GFI Energy Ventures and Oaktree Capital Management Acquire InfraSource Services

On September 24, 2003, private equity firm GFI Energy Ventures and asset manager Oaktree Capital Management acquired infrastructure company InfraSource Services from Exelon for 280M USD

Acquisition Highlights
  • This is GFI Energy Ventures’ 1st and Oaktree Capital Management’s 1st transaction in the Infrastructure sector.
  • This is GFI Energy Ventures’ and Oaktree Capital Management’s 4th largest (disclosed) transaction.
  • This is GFI Energy Ventures’ 10th and Oaktree Capital Management’s 13th transaction in the United States.
  • This is GFI Energy Ventures’ 1st and Oaktree Capital Management’s 1st transaction in Pennsylvania.
Investment Fate
  • InfraSource Services went public in 2004.
  • InfraSource Services was sold to a strategic buyer in 2007 for 1.5B USD.

M&A Deal Summary

Date 2003-09-24
Target InfraSource Services
Sector Infrastructure
Buyer(s) GFI Energy Ventures
Oaktree Capital Management
Sellers(s) Exelon
Deal Type Divestiture
Deal Value 280M USD

Target

InfraSource Services

Media, Pennsylvania, United States
website
InfraSource Services, Inc. is a provider of infrastructure services to the electric, gas and telecommunications industries.

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Buyer(S) 2

Buyer

GFI Energy Ventures

Los Angeles, California, United States

website


Category Private Equity Firm
Founded 1995
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

GFI Energy Ventures is a specialist private investment firm focused on businesses surrounding the energy industry. GFI generally looks to acquire a controlling or significant interest in private companies or business units of public companies. Energy sub-sectors of interest include power quality/power conversion; energy measurement and control; transmission and distribution optimization; and information systems/transaction support. GFI seeks opportunities with at least $50 million in revenue and valued up to $500 million. The Firm will not invest in start-ups, turnarounds, unproven technology, or investments requiring less than $30 million of equity capital. GFI Energy Ventures was formed in 1995 and is based in Los Angeles, California.


DEAL STATS #
Overall 12 of 32
Sector (Infrastructure) 1 of 2
Type (Divestiture) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 10 of 30
Year (2003) 3 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-04 Genscape

Louisville, Kentucky, United States

Genscape, Inc. is a provider of energy information for commodity and financial markets. Genscape was founded in 1999 and is based in Louisville, Kentucky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-04 UtiliQuest

Atlanta, Georgia, United States

UtiliQuest LLC is a provider of damage prevention services to electric, gas, telecommunication, cable, water and other utility underground infrastructure.

Sell $120M
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 15 of 104
Sector (Infrastructure) 1 of 1
Type (Divestiture) 3 of 8
State (Pennsylvania) 1 of 3
Country (United States) 13 of 68
Year (2003) 3 of 3
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-04 Genscape

Louisville, Kentucky, United States

Genscape, Inc. is a provider of energy information for commodity and financial markets. Genscape was founded in 1999 and is based in Louisville, Kentucky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-04 UtiliQuest

Atlanta, Georgia, United States

UtiliQuest LLC is a provider of damage prevention services to electric, gas, telecommunication, cable, water and other utility underground infrastructure.

Sell $120M

Seller(S) 1

SELLER

Exelon

Chicago, Illinois, United States

website


Category Company
Founded 1999
Sector Utilities
Employees19,063
Revenue 19.1B USD (2022)
DESCRIPTION
Exelon's corporate headquarters in downtown Chicago, Illinois.
Exelon's corporate headquarters in downtown Chicago, Illinois.

Exelon is a competitive U.S. power energy provider. Company power generators, with approximately 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Exelon was founded in 1999 and is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 6
Sector (Infrastructure) 1 of 1
Type (Divestiture) 1 of 4
State (Pennsylvania) 1 of 3
Country (United States) 1 of 6
Year (2003) 1 of 1
Size (of disclosed) 2 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-10 John Deere Renewables

Johnston, Iowa, United States

John Deere Renewables LLC a operator and developer of wind power, adding 735 operating megawatts of clean, renewable energy.

Buy $860M