M&A Deal Summary

The Carlyle Group, Riverstone Holdings and Madison Dearborn Partners Acquire Magellan

On June 1, 2003, private equity firms The Carlyle Group, Riverstone Holdings and Madison Dearborn Partners acquired energy services and equipment company Magellan

Acquisition Highlights
  • This is The Carlyle Group’s 3rd, Riverstone Holdings’ 3rd and Madison Dearborn Partners’ 2nd transaction in the Energy Services and Equipment sector.
  • This is The Carlyle Group’s 73rd, Riverstone Holdings’ 6th and Madison Dearborn Partners’ 24th transaction in the United States.
  • This is The Carlyle Group’s 1st, Riverstone Holdings’ 1st and Madison Dearborn Partners’ 1st transaction in Oklahoma.
Investment Fate
  • Magellan went public in 2006.
  • Magellan merged with another company in 2023 for 18.8B USD.

M&A Deal Summary

Date 2003-06-01
Target Magellan
Sector Energy Services and Equipment
Buyer(s) The Carlyle Group
Riverstone Holdings
Madison Dearborn Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Magellan

Tulsa, Oklahoma, United States
Magellan office in Superior, Wisconsin.
Magellan office in Superior, Wisconsin.
Magellan is a partnership that primarily transports, stores, and distributes refined petroleum products and crude oil. It owns a refined petroleum products pipeline system with access to nearly 50% of the nation's refining capacity and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel, and crude oil. Magellan was founded in 2000 and is based in Tulsa, Oklahoma.

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Buyer(S) 3

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 STATS #
Overall 127 of 750
Sector: Energy Services and Equipment M&A 3 of 24
Type: Buyout (LBO, MBO, MBI) M&A Deals 64 of 221
State: Oklahoma M&A 1 of 3
Country: United States M&A 73 of 350
Year: 2003 M&A 8 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-27 CDM Resource Management

Hoston, Texas, United States

CDM Resource Management, Ltd. is a natural gas contract compression services company that operates high horsepower units primarily in gas producing regions of south Texas and Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-08 Amperex Technology

Hong Kong, China

Amperex Technology is a designer, developer and manufacturer of Lithium-ion polymer batteries for mobile electronic devices. Amperex Technology was founded in 1999 and is based in Hong Kong, China.

Buy $30M
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 STATS #
Overall 6 of 106
Sector: Energy Services and Equipment M&A 3 of 27
Type: Buyout (LBO, MBO, MBI) M&A Deals 4 of 52
State: Oklahoma M&A 1 of 3
Country: United States M&A 6 of 78
Year: 2003 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-27 CDM Resource Management

Hoston, Texas, United States

CDM Resource Management, Ltd. is a natural gas contract compression services company that operates high horsepower units primarily in gas producing regions of south Texas and Louisiana.

Buy -
FOLLOWING 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
Buyer

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 31.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.


DEAL STATS #
Overall 26 of 104
Sector: Energy Services and Equipment M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 13 of 32
State: Oklahoma M&A 1 of 1
Country: United States M&A 24 of 90
Year: 2003 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 US Power Generating Co.

Stamford, Connecticut, United States

USPowerGen consists of three gas- and oil-fired electric power generating facilities with an aggregate summer net rating of 2,098 MW. The three facilities are located in New York City and are critical to the city's safety and electrical reliability.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-12 Great Lakes Dredge & Dock

Houston, Texas, United States

Great Lakes Dredge & Dock is a provider of dredging services in the United States. GLDD's principal dredging activities include capital projects (port deepening and land reclamation), beach nourishment and shipping channel maintenance. GLDD is also a provider of demolition services primarily in the northeast United States. Great Lakes Dredge & Dock was founded in 1890 and is based in Houston, Texas.

Buy $340M