M&A Deal Summary

The Carlyle Group, Riverstone Holdings and ACON Investments Acquire Mariner Energy

On March 3, 2004, private equity firms The Carlyle Group, Riverstone Holdings and ACON Investments acquired oil/gas exploration company Mariner Energy from Enron Creditors Recovery for 271M USD

Acquisition Highlights
  • This is The Carlyle Group’s 2nd, Riverstone Holdings’ 2nd and ACON Investments’ 1st transaction in the Oil/Gas Exploration sector.
  • This is The Carlyle Group’s 104th, Riverstone Holdings’ 8th and ACON Investments’ largest (disclosed) transaction.
  • This is The Carlyle Group’s 84th, Riverstone Holdings’ 7th and ACON Investments’ 7th transaction in the United States.
  • This is The Carlyle Group’s 10th, Riverstone Holdings’ 4th and ACON Investments’ 2nd transaction in Texas.
Investment Fate
  • Mariner Energy merged with another company in 2010 for 2.7B USD.

M&A Deal Summary

Date 2004-03-03
Target Mariner Energy
Sector Oil/Gas Exploration
Buyer(s) The Carlyle Group
Riverstone Holdings
ACON Investments
Sellers(s) Enron Creditors Recovery
Deal Type Divestiture
Deal Value 271M USD

Target

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.

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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 148 of 744
Sector (Oil/Gas Exploration) 2 of 17
Type (Divestiture) 11 of 72
State (Texas) 10 of 51
Country (United States) 84 of 349
Year (2004) 7 of 36
Size (of disclosed) 104 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 Balfour

Dallas, Texas, United States

Balfour is a manufacturer of customized products including jewelry, class rings, championship rings, and graduation announcements for high schools and universities across the country.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-25 Adesso Systems

Waltham, Massachusetts, United States

Adesso Systems, Inc. is the provider of mobile application development platforms for rapid development, deployment and maintenance of mobile enterprise applications.

Buy -
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 7 of 106
Sector (Oil/Gas Exploration) 2 of 42
Type (Divestiture) 1 of 6
State (Texas) 4 of 47
Country (United States) 7 of 78
Year (2004) 1 of 6
Size (of disclosed) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Magellan

Tulsa, Oklahoma, United States

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-03 Buckeye Partners

Houston, Texas, United States

Buckeye Partners owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage and marketing of liquid petroleum products. Buckeye Partners was originally established in 1886 and is based in Houston, Texas.

Buy -
Buyer

ACON Investments

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

ACON Investments is an international private equity firm that targets investments in the US, Europe, and Latin America. ACON's investment strategy covers 'opportunities at times of change - responding at points of inflection where value creation is possible'. Examples include businesses that serve the rapidly growing US Hispanic population, energy and energy service needs, businesses in need of operational help, and opportunities in Latin America resulting from economic deregulation and political liberalization. ACON's looks for companies where it can commit $20 to $150 million of equity capital. Target sectors include consumer products and services, distribution, business services and industrial manufacturing. ACON Investments was formed in 1996 and has offices in Washington DC; Houston, Texas; Los Angeles, California; and Madrid, Spain.


DEAL STATS #
Overall 13 of 71
Sector (Oil/Gas Exploration) 1 of 5
Type (Divestiture) 1 of 4
State (Texas) 2 of 9
Country (United States) 7 of 42
Year (2004) 4 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 Magic Media

Bangor, Pennsylvania, United States

At the time of exit, Magic Media was the sixth largest outdoor advertising Company in the United States with over 10,000 billboard and poster displays located in 21 states throughout the Southeast and Midwestern United States. Magic Media was acquired by ACON from its former bondholders as it emerged from bankruptcy in March 2004.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-23 Florimex International BV

Aalsmeer, Netherlands

Florimex is one of the largest distributors of fresh cut flowers, bouquets, potted plants and decorative foliage in Europe and one of the leaders in its sector around the world. The company is headquartered in the Netherlands and operates 20 subsidiaries involved in various segments of the flower, plant and foliage value chains.

Sell -

Seller(S) 1

SELLER

Enron Creditors Recovery

Houston, Texas, United States

Category Company
Sector Information Technology
DESCRIPTION

Enron Corp. filed for bankruptcy in 2001, it possessed substantial assets but even more substantial debts. In November 2004, the Company emerged from bankruptcy pursuant to a Bankruptcy Court approved plan of reorganization, and the new board of directors decided to rename the Company as Enron Creditors Recovery Corp.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2004) 1 of 1
Size (of disclosed) 1 of 1