Tenaska Capital Management Mergers and Acquisitions Summary

Private Equity Profile

Tenaska Capital Management’s most common sectors for investment are energy services and equipment (67%) and oil/gas exploration (24%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (58%) and divestiture (24%). In total, Tenaska Capital Management has invested in 13 US states. Its largest (disclosed) acquisition occurred in 2006 when it acquired Rio Nogales Power Project for $1.6B.

The Firm’s most common exit type is trade sale (100%). Tenaska Capital Management’s largest (disclosed) exit occurred in 2008 when it sold Holland Energy for $383M.

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M&A Summary

  • M&A Total Activity29
    • M&A Buy Activity21
    • M&A Sell Activity8
  • Total Sectors Invested 4
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 16
  • M&A Advisors 2

Tenaska Capital Management LLC

14302 FNB Parkway,
Omaha, Nebraska 68154
United States
(402) 691-9700
www.tenaskacapital.com
info@tenaskacapital.com

Tenaska Capital Management (TCM) is the private equity affiliate of integrated energy company Tenaska. TCM was formed to leverage Tenaska's sector expertise to pursue opportunities for investment in the North American energy sector. Specific areas of interest include power generating plants; national providers of transmission and pipeline construction and maintenance services; and natural gas storage facilities. Tenaska Capital Management is based in Omaha, Nebraska.


Investment Criteria

Sectors of Interest: Energy Services and Equipment, Infrastructure, Oil/Gas Exploration, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

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) # 21 - - - - - 21
vol $3.6B $3.6B
Sell (0.0/yr) # 8 - - - - - 8
vol $950M $950M
  29

Most Recent M&A

Company Date Value Type
US Power Generating Co. 2013-12-06 - Special Situations/Distressed
Stamford, Connecticut · www.uspowergen.com
Azure Midstream Co. LLC 2012-06-01 - Joint Venture
Katy, Texas · www.azuremidstream.com
Rio Nogales Power Project LP 2012-03-12 - Add-on Acquisition
Seguin, Texas
University Park Energy LLC 2011-04-06 - Add-on Acquisition
Chicago, Illinois
Frontier Midstream Solutions II LLC 2011-04-01 - Add-on Acquisition
Tulsa, Oklahoma
InfrastruX Group LLC 2010-07-01 360M USD Add-on Acquisition
Seattle, Washington
East Texas Gathering 2010-01-01 - Buyout (LBO, MBO, MBI)
Dallas, Texas
Frontier Gas Services LLC 2009-08-18 250M USD Joint Venture
Tulsa, Oklahoma
Commonwealth Chesapeake Co LLC 2008-12-17 - Add-on Acquisition
New Church, Virginia
New Covert Generating Co LLC 2008-10-11 - Buyout (LBO, MBO, MBI)
Covert, Michigan
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 6 (60%) - 14 (67%) 1.7B (87%)
Oil/Gas Exploration 3 (30%) - 5 (24%) 250M (13%)
Metals/Mining 1 (10%) - 1 (5%) -
Renewable Energy - - 1 (5%) -
Total 10 - 21 $2.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (100%) - 21 (100%) 3.6B (100%)
  Texas 3 (30%) - 4 (19%) 1.6B (45%)
  Illinois 2 (20%) - 4 (19%) 1.6B (45%)
  West Virginia 1 (10%) - 2 (10%) -
  Oklahoma - - 2 (10%) 250M (7%)
  Ohio 1 (10%) - 1 (5%) -
  Michigan 1 (10%) - 1 (5%) -
  Connecticut 1 (10%) - 1 (5%) -
  California 1 (10%) - 1 (5%) -
  Virginia - - 1 (5%) 89M (2%)
  Washington - - 1 (5%) -
  Nebraska - - 1 (5%) -
  Massachusetts - - 1 (5%) -
  Maryland - - 1 (5%) -
Total 10 - 21 $3.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (50%) - 12 (57%) 1.6B (45%)
Divestiture 2 (20%) - 5 (24%) 1.7B (48%)
Joint Venture 1 (10%) - 2 (10%) 250M (7%)
Secondary Buyout 1 (10%) - 1 (5%) -
Special Situations/Distressed 1 (10%) - 1 (5%) -
Total 10 - 21 $3.6B

Exits by Deal Type

Type Total # Value
Trade Sale 7 (88%) 590M (62%)
Trade Sale - Public Company 1 (13%) 360M (38%)
Total 8 $950M

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
1
Legal Deals
Chadbourne & Parke LLP
1

Deal Values

buy # Total
> $1B 2 $3.3B
$100M to $1B 1 $250M
< $100M 1 $89M
TOTAL $3.6B
Largest Rio Nogales Power Project LP
$1.6B (2006-10-11)
sell # Total
$100M to $1B 3 $950M
TOTAL $950M
Largest Holland Energy LLC
$383M (2008-04-15)

M&A Connections

Deals %
Acquired from
PE Firm(s)
14%
1 14%
Strategic(s)
86%
6 86%
Exited to
Strategic(s)
100%
9 100%

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