M&A Deal Summary

Spectra Energy Acquires Port Barre Investments

On July 16, 2010, Spectra Energy acquired utilities company Port Barre Investments from Haddington Ventures for 540M USD

Acquisition Highlights
  • This is Spectra Energy’s 1st transaction in the Utilities sector.
  • This is Spectra Energy’s 2nd largest (disclosed) transaction.
  • This is Spectra Energy’s 1st transaction in the United States.
  • This is Spectra Energy’s 1st transaction in Texas.

M&A Deal Summary

Date 2010-07-16
Target Port Barre Investments
Sector Utilities
Buyer(s) Spectra Energy
Sellers(s) Haddington Ventures
Deal Type Add-on Acquisition
Deal Value 540M USD

Target

Port Barre Investments

Houston, Texas, United States
website
Port Barre Investments LLC is a provider of firm and interruptible gas storage services.

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Buyer(S) 1

Buyer

Spectra Energy

Houston, Texas, United States

website


Category Company
Founded 2006
SectorEnergy Services and Equipment
Employees6,000
Revenue 5.2B USD (2015)
DESCRIPTION
Entrance to Spectra Energy's corporate headquarters in Houston, Texas.
Entrance to Spectra Energy's corporate headquarters in Houston, Texas.

Spectra Energy Corp. is a pipeline and midstream gas company. Spectra Energy’s operations in the United States and Canada include more than 22,000 miles of natural gas, natural gas liquids, and crude oil pipelines; approximately 305 billion cubic feet (Bcf) of natural gas storage; 4.8 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy was formed in 2006 and is based in Houston, Texas.


DEAL STATS #
Overall 2 of 4
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 3
Country (United States) 1 of 3
Year (2010) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Westcoast Energy

Vancouver, United Kingdom

Westcoast Energy Inc. is a major Canadian corporation and a leader in the North American natural gas industry with interests in gas pipelines, processing, storage, distribution, power generation and gas services businesses. The company has assets of approximately $8 billion.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-14 Express-Platte Pipeline System

Texas, United States

The Express-Platte Pipeline System, which begins in Hardisty, Alberta, and terminates in Wood River, Illinois, includes the Express and Platte crude oil pipelines. The Express pipeline carries crude oil to refining markets in the Rocky Mountain states. The pipeline’s capacity is 280,000 barrels a day. The Platte pipeline, which interconnects with the Express pipeline in Casper, Wyoming, transports crude oil predominantly from the Bakken and Western Canada to refiners in the Midwest. Platte’s capacity ranges from 164,000 barrels a day in Wyoming to 145,000 barrels a day in Illinois.

Buy $1.5B

Seller(S) 1

SELLER

Haddington Ventures

Houston, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 550M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Haddington Ventures is a specialist private equity firm focused on investments in the midstream energy sector. Specific areas of interest within midstream include gathering and separation; processing treating and separation; storage; and pipelines. Haddington targets control investments that require equity investments of $20 to $70 million with an enterprise value of up to $250 million. Haddington Ventures was formed in 1998 and is based in Houston, Texas.


DEAL STATS #
Overall 6 of 10
Sector (Utilities) 2 of 3
Type (Add-on Acquisition) 5 of 6
State (Texas) 2 of 5
Country (United States) 6 of 10
Year (2010) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Magnum Energy

Holladay, Utah, United States

Magnum Energy LLC is multi-purpose integrated energy storage and power generation project that is being developed to serve natural gas liquids, refined products, natural gas, and power markets in the Western United States. Magnum Energy is based in Holladay, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-01 Continental Gas Storage BV

Den Haag, Netherlands

Continental Gas Storage (CGS) was established to provide non-integrated flexible gas storage and services to customers such as gas producers, power producers, natural gas distribution companies and large end users of natural gas.

Buy -