M&A Deal Summary

Starwood Energy Group Global and Post Oak Energy Capital Acquire Richland-Stryker Generation

On November 22, 2011, private equity firms Starwood Energy Group Global and Post Oak Energy Capital acquired utilities company Richland-Stryker Generation from FirstEnergy for 80M USD

Acquisition Highlights
  • This is Starwood Energy Group Global’s 4th and Post Oak Energy Capital’s 1st transaction in the Utilities sector.
  • This is Starwood Energy Group Global’s and Post Oak Energy Capital’s 2nd largest (disclosed) transaction.
  • This is Starwood Energy Group Global’s 5th and Post Oak Energy Capital’s 9th transaction in the United States.
  • This is Starwood Energy Group Global’s 1st and Post Oak Energy Capital’s 1st transaction in Ohio.
Investment Fate
  • Richland-Stryker Generation was sold to a strategic buyer in 2014.

M&A Deal Summary

Date 2011-11-22
Target Richland-Stryker Generation
Sector Utilities
Buyer(s) Starwood Energy Group Global
Post Oak Energy Capital
Sellers(s) FirstEnergy
Deal Type Divestiture
Deal Value 80M USD

Target

Richland-Stryker Generation

Defiance, Ohio, United States
Richland and Stryker are 444 MW and 20 MW simple cycle power plants in Northwest Ohio. The projects participate in the PJM forward capacity market and sell power on a merchant basis.

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Buyer(S) 2

Buyer

Starwood Energy Group Global

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Starwood Energy Group, an affiliate of Starwood Capital Group, is a private equity firm that targets investments in energy infrastructure assets. Starwood Energy looks to invest in hard assets with strong contracted cash-flow. This includes opportunistic acquisitions as well as development-stage commitments. The Group's target investment size is $50 to $200 million. Starwood Energy was formed in 2005 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 5 of 11
Sector (Utilities) 4 of 4
Type (Divestiture) 1 of 4
State (Ohio) 1 of 1
Country (United States) 5 of 10
Year (2011) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-05 Thermo Ft. Lupton Facility

Fort Lupton, Colorado, United States

Thermo Ft. Lupton Facility is a 272 MW combined cycle power plant and associated greenhouse steam-host located approximately 25 miles northeast of Denver, Colorado. The project is fully contracted through June 30, 2019 via tolling agreements with Public Service of Colorado and Tri-State Generation and Transmission Association. Thermo is a key resource for Colorado because it serves as “spinning reserve” capacity which can be brought online quickly to meet fluctuations in power supply and demand. Starwood acquired this project from Arroyo Energy Investors and the financial close of this transaction is expected in Q2 2008. The project is expected to generate stable, contracted cash flows for its owners.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 Gainesville Renewable Energy Center

Gainesville, Florida, United States

Gainesville Renewable Energy Center is a 100 MW biomass power plant currently under construction in Gainesville, Florida.

Buy -
Buyer

Post Oak Energy Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2006
Size Small
Type Sector Focused
DESCRIPTION

Post Oak Energy Capital is a private investment firm focused on growth capital investments US energy companies. Specific areas of interest include exploration and production, oilfield services (manufacturing/distribution), and midstream/related infrastructure assets. Post Oak Energy Capital is based in Houston, Texas.


DEAL STATS #
Overall 9 of 28
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Ohio) 1 of 1
Country (United States) 9 of 28
Year (2011) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 Bayou Well Services

Houston, Texas, United States

Bayou Well Services LLC is a oilfield service company that provides hydraulic fracturing services, well servicing (workover rigs), frac tank rentals and fluid transfer services for oil and gas operations across the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-27 Crown Oil Partners V

Midland, Texas, United States

Crown Oil Partners V, LP is a privately held oil and gas company located in Midland, Texas with a business model of acquiring and developing low-risk oil and natural gas exploitation properties primarily located in the Permian Basin. Crown Oil Partners will use the proceeds from the investment to accelerate the development of its existing asset base and to acquire additional exploitation assets.

Buy -

Seller(S) 1

SELLER

FirstEnergy

Akron, Ohio, United States

website


Category Company
Founded 1996
Sector Utilities
Employees12,395
Revenue 11.1B USD (2021)
DESCRIPTION

FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Headquartered in Akron, Ohio, FirstEnergy includes a investor-owned electric systems and a diverse generating fleet with a total capacity of nearly 18,000 megawatts. FirstEnergy was founded in 1996 and is based in Akron, Ohio.


DEAL STATS #
Overall 1 of 4
Sector (Utilities) 1 of 2
Type (Divestiture) 1 of 4
State (Ohio) 1 of 2
Country (United States) 1 of 4
Year (2011) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-10 Allegheny Energy

Greensburg, Pennsylvania, United States

Allegheny Energy, Inc. an electric utility company. Allegheny Energy operates and delivers electric services.

Buy $4.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-19 Allegheny Energy Supply

Greensburg, Pennsylvania, United States

Allegheny Energy Supply Co. LLC is a provider of renewable energy services in US.

Sell -