M&A Deal Summary

The Blackstone Group Acquires Sithe Global Power

On October 5, 2005, private equity firm The Blackstone Group Inc. acquired utilities company Sithe Global Power LLC from Reservoir Capital Group for 3.1B USD

Acquisition Highlights
  • This is The Blackstone Group’s 3rd transaction in the Utilities sector.
  • This is The Blackstone Group’s 39th largest (disclosed) transaction.
  • This is The Blackstone Group’s 62nd transaction in the United States.
  • This is The Blackstone Group’s 6th transaction in New York.

M&A Deal Summary

Date 2005-10-05
Target Sithe Global Power LLC
Sector Utilities
Buyer(s) The Blackstone Group Inc.
Sellers(s) Reservoir Capital Group
Deal Type Secondary Buyout
Deal Value 3.1B USD

Target

Sithe Global Power LLC

New York, New York, United States
website
Sithe Global Power LLC is an international development company engaged in the development, construction, acquisition and operation of electric generation facilities in attractive markets around the world.

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Buyer(S) 1

Buyer

The Blackstone Group Inc.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 95.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group LP is a global alternative investment management firm comprised of three business segments. These groups include corporate private equity, real estate, and alternative asset management. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 86 of 292
Sector (Utilities) 3 of 3
Type (Secondary Buyout) 8 of 64
State (New York) 6 of 18
Country (United States) 62 of 183
Year (2005) 7 of 10
Size (of disclosed) 39 of 160
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-03 Texas Genco Holdings, Inc.

Houston, Texas, United States

Texas Genco Holdings, Inc., based in Houston, Texas, is an electric power generating company with over 14,000 megawatts of generation capacity. It sells electric generation capacity, energy and ancillary services in one of the nation's largest power markets, the Electric Reliability Council of Texas (ERCOT). Texas Genco has one of the most diversified generation portfolios in Texas, using natural gas, oil, coal, lignite, and uranium fuels. The company owns and operates 60 generating units at 11 electric power-generating facilities and owns a 30.8 percent interest in a nuclear generating plant.

Sell $5.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-12 Team Health Holdings, Inc.

Knoxville, Tennessee, United States

Team Health Holdings, Inc. is a provider of outsourced healthcare professional staffing and administrative services to hospitals and other healthcare providers in the United States. Team Health was formed in 1979 and is based in Knoxville, Tennessee.

Buy $1.0B

Seller(S) 1

SELLER

Reservoir Capital Group

website


Category Private Equity Firm
Founded 1998
SizeMega
Type Sector Agnostic
DESCRIPTION

Reservoir Capital is a hedge fund focused on opportunistic investment opportunities in a variety of sectors and securities. In addition to investing directly in securities, Reservoir will consider private equity like investments as well. Reservoir Capital Group was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 1 of 3
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 1 of 3
State (New York) 1 of 1
Country (United States) 1 of 3
Year (2005) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Sithe Global Power LLC

New York, New York, United States

Sithe Global Power LLC is an international development company engaged in the development, construction, acquisition and operation of electric generation facilities in attractive markets around the world.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-13 Amerilife Group LLC

Clearwater, Florida, United States

Amerilife Group LLC engages in developing, marketing and distributing life and health insurance, annuities and retirement planning solutions to enhance the lives of pre-retirees and retirees. For nearly 50 years, AmeriLife has partnered with the nation's leading insurance carriers to provide value and quality to customers served through a national distribution network of over 140,000 insurance agents and advisors, 20 marketing organizations, and 50 insurance agency locations.

Buy -