M&A Deal Summary

Goldman Sachs Merchant Banking Acquires Associated Asphalt

On March 9, 2012, private equity firm Goldman Sachs Merchant Banking acquired building materials company Associated Asphalt from ArcLight Capital Partners

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 2nd transaction in the Building Materials sector.
  • This is Goldman Sachs Merchant Banking’s 63rd transaction in the United States.
  • This is Goldman Sachs Merchant Banking’s 2nd transaction in Virginia.

M&A Deal Summary
Date 2012-03-09
Target Associated Asphalt
Sector Building Materials
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) ArcLight Capital Partners
Deal Type Secondary Buyout
Advisor(s) Simmons & Company (Financial)

Target

Associated Asphalt

Roanoke, Virginia, United States
Associated Asphalt is a independent liquid asphalt resellers in the United States. Associated Asphalt owns and operates ten terminal and storage facilities throughout the Southeast and Mid-Atlantic. The company sells liquid asphalt primarily to paving contractors for road and highway construction and maintenance.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 87 of 181
Sector (Building Materials) 2 of 2
Type (Secondary Buyout) 23 of 65
State (Virginia) 2 of 6
Country (United States) 63 of 125
Year (2012) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-29 Ahlsell

Stockholm, Sweden

Ahlsell is a distributor of heating & plumbing and electrical installation products. The company is focused on five core markets: Heating & Plumbing, Electrical, Tools & Machinery, Refrigeration and DIY, and has built leading market positions in a number of these sectors across the Nordic region. Ahlsell's diversified customer base has access to over 125,000 products from the company's 216 outlets across the region and can access a further 200,000 products from Ahlsell's suppliers. Ahlsell was founded in 1877 and is based in Stockholm, Sweden.

Sell €1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-19 TVS SCS

Chennai, India

TVS SCS is a 3rd party logistics provider across multiple verticals including automotive, distribution, electronics, and discrete component manufacturing. TVS SCS was established in 2004 and is based in Chennai, India.

Buy Rs2.7B

Seller(S) 1

SELLER

ArcLight Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2001
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ArcLight Capital Partners is private equity firm that invests in energy assets and businesses. Specific areas of interest include power generation; oil, natural gas, coal extraction and production; midstream gathering, processing, storage and transportation of oil, natural gas, coal; energy transportation; and energy distribution companies. ArcLight's geographic coverage includes opportunities across North America, Western Europe, and Australia/New Zealand. ArcLight was formed in 2001 and has offices in Boston and Luxembourg.

DEAL STATS #
Overall 14 of 28
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 3 of 9
State (Virginia) 1 of 1
Country (United States) 13 of 26
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 North Sea Midstream Partners

Aberdeen, United Kingdom

North Sea Midstream Partners owns the Teesside Gas Processing Plant, which processes natural gas from the Central North Sea and Southern Gas Basin, as well as the FUKA and SIRGE offshore pipelines and St Fergus Gas Terminal, which transport and process production from the Northern North Sea and West of Shetlands. North Sea Midstream Partners is based in Aberdeen, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-27 Ridgeline Midstream Holdings

Ohio, United States

Ridgeline Midstream Holdings, LLC owns a preferred interest in the Eureka Hunter pipeline system located in West Virginia and Ohio as well as gas treating plants in the mid-Continent and Texas.

Buy -
Mergr

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