M&A Deal Summary

Stockwell Capital, KKR, TPG Global, Goldman Sachs Merchant Banking, Energy Capital Partners and Ardian Acquire Energy Future Holdings

On October 10, 2007, private equity firms Stockwell Capital, KKR, TPG Global, Goldman Sachs Merchant Banking, Energy Capital Partners and Ardian acquired utilities company Energy Future Holdings for 44.4B USD

Acquisition Highlights
  • This is Stockwell Capital’s 1st, KKR’s 3rd, TPG Global’s 3rd, Goldman Sachs Merchant Banking’s 1st, Energy Capital Partners’ 1st and Ardian’s 3rd transaction in the Utilities sector.
  • This is Stockwell Capital’s , KKR’s , TPG Global’s , Goldman Sachs Merchant Banking’s , Energy Capital Partners’ and Ardian’s largest (disclosed) transaction.
  • This is Stockwell Capital’s 25th, KKR’s 35th, TPG Global’s 74th, Goldman Sachs Merchant Banking’s 36th, Energy Capital Partners’ 4th and Ardian’s 13th transaction in the United States.
  • This is Stockwell Capital’s 5th, KKR’s 3rd, TPG Global’s 10th, Goldman Sachs Merchant Banking’s 4th, Energy Capital Partners’ 1st and Ardian’s 4th transaction in Texas.
Investment Fate
  • Energy Future Holdings went bankrupt in 2014.

M&A Deal Summary

Date 2007-10-10
Target Energy Future Holdings
Sector Utilities
Buyer(s) Stockwell Capital
KKR
TPG Global
Goldman Sachs Merchant Banking
Energy Capital Partners
Ardian
Deal Type Going Private
Deal Value 44.4B USD

Target

Energy Future Holdings

Dallas, Texas, United States
website
Energy Future Holdings Corp., formerly TXU Corp., is a Dallas-based, privately held energy company with a portfolio of competitive and regulated energy companies. These businesses serve the high-growth Texas electricity market, which is one of world's largest and among the nation's most successful competitive markets.

Search 177,829 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 6

Buyer

Stockwell Capital

Austin, Texas, United States

Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


DEAL STATS #
Overall 33 of 44
Sector (Utilities) 1 of 1
Type (Going Private) 9 of 12
State (Texas) 5 of 6
Country (United States) 25 of 35
Year (2007) 6 of 9
Size (of disclosed) 1 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-27 Scitor

Reston, Virginia, United States

Scitor Corp. is a provider of engineering, financial, management, and related services to the corporate customers. The company offers services for acquisition and life cycle management support, business process improvement, configuration management, facilitation services, feasibility assessments, and integrated logistics support. Scitor was formed in 1979 and is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-26 Avaya

Santa Clara, California, United States

Avaya, Inc. is a global provider of communication systems, applications, and end-to-end services to enterprises worldwide; and offers IP telephony solutions, traditional voice communications solutions, contact center infrastructure and applications, and unified communications gear and appliances. Avaya was formed in 2000 and is based in Santa Clara, California.

Buy $8.3B
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 367.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


DEAL STATS #
Overall 62 of 410
Sector (Utilities) 3 of 7
Type (Going Private) 13 of 27
State (Texas) 3 of 20
Country (United States) 35 of 178
Year (2007) 11 of 15
Size (of disclosed) 1 of 90
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-25 Biomet

Warsaw, Indiana, United States

Biomet, Inc. is a designs and manufactures orthopedic medical devices and other products used primarily by surgeons and medical specialists, with distribution in over 70 countries and a product portfolio that encompasses orthopedic joint replacement products, dental reconstructive implants, fixation devices, spinal products and other applications.

Buy $11.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-13 U.N Ro-Ro Isletmeleri AS

Istanbul, Turkey

U.N Ro-Ro Isletmeleri AS is the largest freight Ro-Ro operator in Turkey, 4th largest in the world. U.N Ro-Ro currently operates twelve Ro-Ro vessels from seven ports (Pendik, Ambarlı, Mersin, Trieste, Toulon, Bari, Patra) that services as the largest intermodal infrastructure between Turkey and Europe.

Buy -
Buyer

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 135.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 104 of 389
Sector (Utilities) 3 of 5
Type (Going Private) 16 of 34
State (Texas) 10 of 31
Country (United States) 74 of 259
Year (2007) 16 of 20
Size (of disclosed) 1 of 95
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-03 Fenwal

Lake Zurich, Illinois, United States

Fenwal, Inc. is one of the world's largest suppliers of products and services to the transfusion medicine industry. Fenwal was created with a single purpose: to provide high quality, innovative blood collection and processing products and services that support customers' missions to improve and save lives.

Buy $540M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-26 Avaya

Santa Clara, California, United States

Avaya, Inc. is a global provider of communication systems, applications, and end-to-end services to enterprises worldwide; and offers IP telephony solutions, traditional voice communications solutions, contact center infrastructure and applications, and unified communications gear and appliances. Avaya was formed in 2000 and is based in Santa Clara, California.

Buy $8.3B
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 50 of 175
Sector (Utilities) 1 of 1
Type (Going Private) 9 of 14
State (Texas) 4 of 9
Country (United States) 36 of 119
Year (2007) 16 of 21
Size (of disclosed) 1 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-25 Biomet

Warsaw, Indiana, United States

Biomet, Inc. is a designs and manufactures orthopedic medical devices and other products used primarily by surgeons and medical specialists, with distribution in over 70 countries and a product portfolio that encompasses orthopedic joint replacement products, dental reconstructive implants, fixation devices, spinal products and other applications.

Buy $11.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-24 Facebook

Menlo Park, California, United States

Facebook is a social utility company that helps people communicate more efficiently with their friends, family and coworkers. Facebook develops technologies that facilitate the sharing of information through the social graph, the digital mapping of people's real-world social connections. Facebook was founded in 2004 and is based in Menlo Park, California.

Buy -
Buyer
DESCRIPTION

Energy Capital Partners is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets . The Firm targets opportunities primarily in North America. Energy Capital Partners was formed in 2005 and has offices in Short Hills, New Jersey and San Diego, California.


DEAL STATS #
Overall 5 of 46
Sector (Utilities) 1 of 7
Type (Going Private) 1 of 4
State (Texas) 1 of 14
Country (United States) 4 of 44
Year (2007) 3 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Empire Generating Co

Rennselaer, New York, United States

Empire Gen Holdings, Inc. owns a 635 MW combined-cycle natural gas fired power plant in Rensselaer, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-05 Cardinal Gas Storage Partners

Houston, Texas, United States

Cardinal Gas Storage Partners LLC focuses on the operation and management of natural gas storage facilities in the Gulf Coast region. Cardinal Gas believes that the natural gas storage business plays a fundamental role in supporting the nation's growing natural gas supply and demand. Cardinal's storage facilities are positioned in strategic locations for customers which will continue to enhance the value of Cardinal's assets and increase demand for our gas storage capacity. Cardinal currently operates both salt cavern and depleted reservoir gas storage facilities. Arcadia Gas Storage, LLC, Cadeville Gas Storage LLC, Monroe Gas Storage Company, LLC and Perryville Gas Storage LLC

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 94 of 412
Sector (Utilities) 3 of 7
Type (Going Private) 3 of 15
State (Texas) 4 of 8
Country (United States) 13 of 57
Year (2007) 21 of 28
Size (of disclosed) 1 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-24 First Data

Atlanta, Georgia, United States

First Data is a provider of electronic commerce and payment solutions for merchants, financial institutions and card issuers. First Data was formed in 1989 and is based in Atlanta, Georgia.

Buy $29.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-12 HISI

Milan, Italy

HISI is a holding company investing in both existing and future concession projects focusing on the Italian healthcare sector. Holding di Investimento in Sanità ed Infrastructure (HISI's) objective is to assist operators developing infrastructure projects to maximize the value of their equity holdings and realize their investment. HISI is based in Milan, Italy.

Buy -