Buyout (LBO, MBO, MBI) • Energy Services and Equipment

Riverstone Holdings and The Carlyle Group Acquire Buckeye Partners

On May 3, 2004, private equity firms Riverstone Holdings and The Carlyle Group acquired energy services and equipment company Buckeye Partners

Acquisition Context
  • This is Riverstone Holdings’ 4th and The Carlyle Group’s 4th transaction in the Energy Services and Equipment sector.
  • This is Riverstone Holdings’ 8th and The Carlyle Group’s 87th transaction in the United States.
  • This is Riverstone Holdings’ 5th and The Carlyle Group’s 12th transaction in Texas.
Investment Fate
  • Buckeye Partners went public in 2006.
  • Buckeye Partners was sold to a consortium of financial buyers in 2007.
  • Buckeye Partners was sold to a financial buyer in 2019 for 10.3B USD.

Explore All 658 Buyout (LBO, MBO, MBI) Energy Services and Equipment Deals - Search the Database Free


M&A Deal Summary

Date May 3, 2004
Target Buckeye Partners
Sector Energy Services and Equipment
Buyer(s) Riverstone Holdings
The Carlyle Group
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Buckeye Partners

Houston, Texas, United States
Entrance to Buckeye Partners' corporate headquarters in Houston, Texas.
Entrance to Buckeye Partners' corporate headquarters in Houston, Texas.
Buckeye Partners 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 was originally established in 1886 and is based in Houston, Texas.
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Buyers Overview 2

Buyer

Riverstone Holdings

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 40.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Riverstone Holdings is a large specialist asset management and private equity firm focused on opportunities in the energy and power industry. Specific areas of interest include oil & gas exploration, midstream transportation/logistics, electric generation, energy & power service, power infrastructure, and energy & power technology. Riverstone Holdings was formed in 2000 and is based in New York, New York.


Deal Context for Buyer #
Overall 8 of 106
Sector: Energy Services and Equipment 4 of 27
Type: Buyout (LBO, MBO, MBI) 5 of 52
State: Texas 5 of 47
Country: United States 8 of 78
Year: 2004 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-03 Mariner Energy

Houston, Texas, United States

Mariner Energy, Inc. is an independent oil and gas exploration and production company with principal operations in the Gulf of Mexico and west Texas.

Buy $271M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-15 Belden & Blake

Houston, Texas, United States

Belden & Blake Corp. is an independent energy company, engages in the exploitation, development, production, operation and acquisition of oil and natural gas properties. The company's operations are focused in the Appalachian Basin in Ohio, Pennsylvania and New York and in the Antrim Shale formation in the Michigan Basin.

Buy $350M
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


Deal Context for Buyer #
Overall 153 of 750
Sector: Energy Services and Equipment 4 of 24
Type: Buyout (LBO, MBO, MBI) 72 of 221
State: Texas 12 of 51
Country: United States 87 of 350
Year: 2004 12 of 36
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-30 Aviall

Dallas, Texas, United States

Aviall, Inc. is a provider of repair, maintenance, and overhaul services and parts distribution for both commercial and general aviation aircraft engines.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-23 Horizon Lines

Charlotte, North Carolina, United States

Horizon Lines, Inc. is a container transportation shipping company, accounting for over 35% of all U.S. marine container shipments from the U.S. mainland to Alaska, Hawaii / Guam and Puerto Rico.

Sell $650M