M&A Deal Summary

ArcLight Capital Partners and BP Acquire Thorntons

On March 12, 2018, infrastructure investor ArcLight Capital Partners and BP acquired retailer Thorntons

Acquisition Highlights
  • This is ArcLight Capital Partners’ 1st and BP’s 2nd transaction in the Retail sector.
  • This is ArcLight Capital Partners’ 76th and BP’s 4th transaction in the United States.
  • This is ArcLight Capital Partners’ 1st and BP’s 1st transaction in Kentucky.

M&A Deal Summary

Date 2018-03-12
Target Thorntons
Sector Retail
Buyer(s) ArcLight Capital Partners
BP
Deal Type Joint Venture
Advisor(s) Lazard Ltd. (Financial)
Vinson & Elkins
Wyatt Tarrant & Combs (Legal)

Target

Thorntons

Louisville, Kentucky, United States
Thorntons operates 191 c-stores in Florida, Illinois, Indiana, Kentucky, Ohio, and Tennessee. The company's mission is to provide top-of-the-line food and beverages while making giving back a top priority in every market. Thorntons was founded in 1971 and is headquartered in Louisville, Kentucky.

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Buyer(S) 2

Buyer

ArcLight Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2001
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ArcLight Capital Partners is private equity firm that invests in energy assets and businesses. Specific areas of interest include power generation; oil, natural gas, coal extraction and production; midstream gathering, processing, storage and transportation of oil, natural gas, coal; energy transportation; and energy distribution companies. ArcLight's geographic coverage includes opportunities across North America, Western Europe, and Australia/New Zealand. ArcLight was formed in 2001 and has offices in Boston and Luxembourg.


DEAL STATS #
Overall 89 of 93
Sector (Retail) 1 of 1
Type (Joint Venture) 3 of 3
State (Kentucky) 1 of 1
Country (United States) 76 of 80
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-14 American Electric Power - Four Competitive Power Plants

United States

American Electric Power - Four Competitive Power Plants comprises four power plants totaling approximately 5,200 megawatts (MW). Power plants are Lawrenceburg Generating Station, 1,186 MW natural gas, Lawrenceburg, Indiana, Waterford Energy Center, 840 MW natural gas, Waterford, Ohio Darby Generating Station, 507 MW natural gas, Mount Sterling, Ohio and Gen. James M. Gavin Plant, 2,665 MW coal, Cheshire, Ohio.

Buy $2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-22 Leeward Renewable Energy

Dallas, Texas, United States

Leeward Renewable Energy is a wind power asset owner, operator and developer of wind projects in the United States across 19 operating projects with a total installed capacity of 1.7 GW. Leeward Renewable Energy is based in Dallas, Texas.

Sell -
Buyer

BP

London, United Kingdom

Category Company
Founded 1908
Sector Oil/Gas Exploration
Employees87,800
Revenue 210.1B USD (2023)
DESCRIPTION
BP fuel station in Duluth, Minnesota.
BP fuel station in Duluth, Minnesota.

BP is an integrated oil and gas company with operations in Europe, the US, Canada, Russia, South America, Australasia, Asia and parts of Africa. BP provides customers with fuel for transportation, energy for heat and light, lubricants, and petrochemicals products used to make items as diverse as paints, clothes and packaging. BP was founded in 1908 and is based in London, England.


DEAL STATS #
Overall 6 of 9
Sector (Retail) 2 of 2
Type (Joint Venture) 1 of 1
State (Kentucky) 1 of 1
Country (United States) 4 of 6
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-14 Olympic Pipeline

Renton, Washington, United States

The Olympic Pipeline is a regulated interstate refined products pipeline system that spans approximately 400 miles across the states of Washington and Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-28 Chargemaster

London, United Kingdom

Chargemaster plc is a provider of electric vehicle charging infrastructure. Chargemaster provides a comprehensive, flexible and practical range of electric vehicle charging solutions. Its charging stations are specially developed to accommodate new technological advances and the growing demands of the electric vehicle industry.

Buy -