M&A Deal Summary

Advent International, I Squared Capital and Ecopetrol Acquire Ocensa

On March 16, 2009, private equity firm Advent International, infrastructure investor I Squared Capital and Ecopetrol acquired energy services and equipment company Ocensa from Enbridge for 418M USD

Acquisition Highlights
  • This is Advent International’s 2nd, I Squared Capital’s 1st and Ecopetrol’s 1st transaction in the Energy Services and Equipment sector.
  • This is Advent International’s 31st, I Squared Capital’s 8th and Ecopetrol’s largest (disclosed) transaction.
  • This is Advent International’s 1st, I Squared Capital’s 1st and Ecopetrol’s 1st transaction in Colombia.

M&A Deal Summary

Date 2009-03-16
Target Ocensa
Sector Energy Services and Equipment
Buyer(s) Advent International
I Squared Capital
Ecopetrol
Sellers(s) Enbridge
Deal Type Divestiture
Deal Value 418M USD

Target

Ocensa

Bogota, Colombia
Ocensa is a mixed economy company, with the objective of commercially designing, building, operating, managing and operating an oil transportation system. It is a strategic company for the transport of hydrocarbons in Colombia and an incentive for oil investors in the country for being a reliable operator and recognized by the standards with which it carries out its activities. Ocensa was founded in 1994 and is based in Bogota, Colombia.

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Buyer(S) 3

Buyer

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 164 of 340
Sector (Energy Services and Equipment) 2 of 4
Type (Divestiture) 11 of 37
Country (Colombia) 1 of 4
Year (2009) 1 of 8
Size (of disclosed) 31 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-15 LTCG

Eden Prairie, Minnesota, United States

LTCG is a provider of administrative solutions and clinical services to the long-term care and life insurance industry, with over two decades of experience in this space. LTCG was founded in 1996 and is based in Eden Prairie, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-30 Worldpay

Jacksonville, Florida, United States

Worldpay is a provider of payment acceptance services. The company offers a broad suite of payment processing services that enable its clients to meet their payment processing needs through a single provider, including in omnichannel environments that span point-of-sale, e-commerce, and mobile devices. Worldpay was established in 2009 and is headquartered in Jacksonville, Florida.

Buy -
DESCRIPTION

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.


DEAL STATS #
Overall 1 of 50
Sector (Energy Services and Equipment) 1 of 3
Type (Divestiture) 1 of 7
Country (Colombia) 1 of 2
Year (2009) 1 of 1
Size (of disclosed) 8 of 9
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-10 Jaipur-Mahua Tollway

India

Jaipur-Mahua Tollway is an operator and constructor of tollway.

Buy -
Buyer

Ecopetrol

Bogota, Colombia

Category Company
Founded 1948
Sector Oil/Gas Exploration
Employees13,977
Revenue 143.19T COP (2023)
DESCRIPTION

Ecopetrol is an integrated oil & gas company, where it accounts for 60% of total production. The Company is involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business. Ecopetrol was formed in 1951 and is based in Bogota, Colombia. Ecopetrol was founded in 1948 and is headquartered in Bogotá, Colombia.


DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
Country (Colombia) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Enbridge

Calgary, Alberta, Canada

Category Company
Founded 1949
Sector Energy Services and Equipment
Employees11,500
Revenue 43.6B CAD (2023)
DESCRIPTION
Enbridge office in West Duluth, Minnesota.
Enbridge office in West Duluth, Minnesota.

Enbridge operates a US and Canadian crude oil and liquid transportation network. Enbridge was incorporated in 1949 and is based in Calgary, Canada.


DEAL STATS #
Overall 1 of 5
Sector (Energy Services and Equipment) 1 of 4
Type (Divestiture) 1 of 4
Country (Colombia) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-09-07 Ocensa

Bogota, Colombia

Ocensa is a mixed economy company, with the objective of commercially designing, building, operating, managing and operating an oil transportation system. It is a strategic company for the transport of hydrocarbons in Colombia and an incentive for oil investors in the country for being a reliable operator and recognized by the standards with which it carries out its activities. Ocensa was founded in 1994 and is based in Bogota, Colombia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Sarnia Photovoltaic Power Plant

Sarnia, Ontario, Canada

Sarnia Photovoltaic Power Plant is a solar energy plant in Sarnia.

Buy -