Highstar Capital Mergers and Acquisitions Summary

Private Equity Profile

Highstar Capital’s most common sectors for investment are energy services and equipment (32%) and oil/gas exploration (14%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (82%) and secondary buyout (10%). In total, Highstar Capital has invested in 11 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired InterGen NV for $1.8B.

The Firm’s most common exit type is trade sale (34%). Highstar Capital’s largest (disclosed) exit occurred in 2012 when it sold Caiman Energy for $2.5B.

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M&A Summary

  • M&A Total Activity34
    • M&A Buy Activity22
    • M&A Sell Activity12
  • Total Sectors Invested 11
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 20
  • M&A Advisors 4

Highstar Capital LP

277 Park Avenue, 45th floor,
New York, New York 10172
United States
(646) 857-8700
www.highstarcapital.com
info@highstarcapital.com

Highstar Capital is a private equity fund focused on investments in infrastructure related companies and assets. Highstar specifically targets businesses that deal in energy, transportation, waste management and water. The Firm will consider opportunities throughout North America and Europe. Highstar Capital was formerly known as AIG Highstar Capital. The Firm was formed in 2000 and is based in New York City.


Investment Criteria

Sectors of Interest: Business Services, Energy Services and Equipment, Environmental, Information Technology, Infrastructure, Oil/Gas Exploration, Renewable Energy, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 22 - - - - - 22
vol $3.0B $3.0B
Sell (0.4/yr) # 10 2 - - - - 12
vol $4.3B $4.3B
  34

Most Recent M&A

Company Date Value Type
Advanced Disposal Services, Inc. 2016-10-06 - IPO
Jacksonville, Florida · www.advanceddisposal.com
London City Airport Ltd. 2016-02-26 - Secondary Buyout
London, United Kingdom · www.londoncityairport.com
Amports, Inc. 2014-05-21 - Secondary Buyout
Jacksonville, Florida · www.amports.com
Aerostar Airport Holdings LLC 2013-02-27 - Buyout (LBO, MBO, MBI)
San Juan, Puerto Rico
Utilities, Inc. 2012-12-18 - Add-on Acquisition
Northbrook, Illinois · www.utilitiesinc-usa.com
GWF Energy LLC 2012-12-01 - Buyout (LBO, MBO, MBI)
Walnut Creek, California · www.gwfpower.com
Wildcat WMH Holdings LLC 2012-12-01 - Buyout (LBO, MBO, MBI)
Dallas, Texas · wildcatgas.com
Caiman Energy II LLC 2012-07-10 800M USD Buyout (LBO, MBO, MBI)
Dallas, Texas · www.caimanenergy.com
Caiman Energy LLC 2012-04-27 2.5B USD Trade Sale - Public Company
Dallas, Texas · www.caimanenergy.com
SkyBitz, Inc. 2012-02-01 42M USD Add-on Acquisition
Sterling, Virginia · www.skybitz.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Star West Generation LLC 2011-05-01 Griffith Energy Services, Inc. 2020-02-26 1
Houston, Texas · www.starwestgen.com Columbia, Maryland · www.griffithoil.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 3 (43%) - 7 (32%) -
Oil/Gas Exploration 2 (29%) 800M (100%) 3 (14%) 800M (26%)
Utilities - - 2 (9%) 1.8B (58%)
Environmental - - 2 (9%) 470M (16%)
Information Technology - - 2 (9%) -
Aerospace 1 (14%) - 1 (5%) -
Airlines - - 1 (5%) -
Business Services - - 1 (5%) -
Engineering - - 1 (5%) -
Renewable Energy - - 1 (5%) -
Transportation 1 (14%) - 1 (5%) -
Total 7 $800M 22 $3.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (86%) 800M (100%) 20 (91%) 3.0B (100%)
  Texas 3 (43%) 800M (100%) 6 (27%) 800M (26%)
  Florida 1 (14%) - 3 (14%) 470M (16%)
  New Jersey 1 (14%) - 3 (14%) -
  California 1 (14%) - 1 (5%) -
  Massachusetts - - 1 (5%) 1.8B (58%)
  Virginia - - 1 (5%) -
  Pennsylvania - - 1 (5%) -
  New York - - 1 (5%) -
  Kentucky - - 1 (5%) -
  Illinois - - 1 (5%) -
  Georgia - - 1 (5%) -
Puerto Rico 1 (14%) - 1 (5%) -
United Kingdom - - 1 (5%) -
Domestic 6 (86%) 800M (100%) 20 (91%) 3.0B (100%)
Cross-border 1 (14%) - 2 (9%) -
Total 7 $800M 22 $3.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (100%) 800M (100%) 18 (82%) 800M (26%)
Secondary Buyout - - 2 (9%) 470M (16%)
Divestiture - - 1 (5%) 1.8B (58%)
Venture - - 1 (5%) -
Total 7 $800M 22 $3.0B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (33%) 3.9B (91%)
Secondary Sale 4 (33%) 385M (9%)
IPO 2 (17%) -
Trade Sale 2 (17%) -
Total 12 $4.3B

Top M&A Advisors

Financial Deals
Morgan Stanley
1
Deutsche Bank Corporate & Investment Banking
1
Legal Deals
Latham & Watkins
1
Morgan, Lewis & Bockius LLP
1

Deal Values

buy # Total
> $1B 1 $1.8B
$100M to $1B 2 $1.3B
TOTAL $3.0B
Largest InterGen NV
$1.8B (2005-04-19)
sell # Total
> $1B 1 $2.5B
$100M to $1B 3 $1.7B
< $100M 1 $42M
TOTAL $4.3B
Largest Caiman Energy LLC
$2.5B (2012-04-27)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
4 67%
Strategic(s)
33%
2 33%
Exited to
PE Firm(s)
60%
6 60%
Strategic(s)
40%
4 40%

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