M&A Deal Summary

First Reserve and Stellex Capital Management Acquire AFGlobal

On December 27, 2012, private equity firms First Reserve and Stellex Capital Management acquired energy services and equipment company AFGlobal

Acquisition Highlights
  • This is First Reserve’s 22nd and Stellex Capital Management’s 1st transaction in the Energy Services and Equipment sector.
  • This is First Reserve’s 47th and Stellex Capital Management’s 1st transaction in the United States.
  • This is First Reserve’s 21st and Stellex Capital Management’s 1st transaction in Texas.

M&A Deal Summary

Date 2012-12-27
Target AFGlobal
Sector Energy Services and Equipment
Buyer(s) First Reserve
Stellex Capital Management
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Harris Williams (Financial)

Target

AFGlobal

Houston, Texas, United States
AFGlobal is an oil and gas OEM specializing in technology, products, and services with fully-integrated manufacturing capabilities to clients around the world. AFGlobal also offers a broad range of manufacturing capabilities to industrial segments, offering a variety of both highly-engineered and general forged products, as well as complementary aftermarket services. AFGlobal was founded in 1985 and is based in Houston, Texas.

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Buyer(S) 2

Buyer

First Reserve

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 76 of 112
Sector: Energy Services and Equipment M&A 22 of 34
Type: Buyout (LBO, MBO, MBI) M&A Deals 48 of 62
State: Texas M&A 21 of 38
Country: United States M&A 47 of 75
Year: 2012 M&A 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-13 PBF Energy

Parsippany, New Jersey, United States

PBF Energy, Inc. is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-19 Abengoa

Seville, Spain

Abengoa is an international company that applies innovative technology solutions for sustainability in the infrastructures, energy and water sectors. Abengoa was founded in 1941 and is based in Seville, Spain.

Sell -
Buyer
DESCRIPTION

Stellex Capital Management is a private equity firm focused on acquiring middle-market companies throughout North America and Europe. Stellex looks to invest $75 to $150 million in transactions valued up to $500 million. Sectors of interest include manufacturing, industrial, business services, aerospace, defense, government services, automotive, consumer products, distribution, and transportation. Prospective transaction situations include buyouts, turnarounds, recapitalizations, corporate divestitures, consolidations, and secondary purchases. Stellex Capital Management was formed in 2014 and is based in New York, New York.


DEAL STATS #
Overall 2 of 39
Sector: Energy Services and Equipment M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 10
State: Texas M&A 1 of 7
Country: United States M&A 1 of 29
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-01 MAG

Novara, Italy

MAG is an international provider of solutions for aircraft systems and services in the Helicopter, Business Aviation and General Aviation markets, with many approvals and qualifications from Regulatory Agencies, Military Organizations, Industry and Customers. MAG is based in Novara, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 MHI Ship Repair & Services

Norfolk, Virginia, United States

MHI Ship Repair & Services is a marine repair and conversion contractor serving Commercial ship owners, the U.S. Navy, Military Sealift Command and Maritime Administration, and operators worldwide. MHI Ship Repair & Services was established in 1952 and is based in Norfolk, Virginia.

Buy -