Buyout (LBO, MBO, MBI) • Renewable Energy

Highstar Capital, aPriori Capital Partners and Oaktree Capital Management Acquire American Ref-Fuel Co.

On April 1, 2004, private equity firm Highstar Capital, private equity firm aPriori Capital Partners and asset manager Oaktree Capital Management acquired renewable energy company American Ref-Fuel Co.

Acquisition Context
  • This is Highstar Capital’s 1st, aPriori Capital Partners’ 1st and Oaktree Capital Management’s 1st transaction in the Renewable Energy sector.
  • This is Highstar Capital’s 6th, aPriori Capital Partners’ 17th and Oaktree Capital Management’s 16th transaction in the United States.
  • This is Highstar Capital’s 1st, aPriori Capital Partners’ 3rd and Oaktree Capital Management’s 1st transaction in New Jersey.
Investment Fate
  • American Ref-Fuel Co. was sold to a publicly-traded strategic buyer in 2005 for 740M USD.

Explore All 279 Buyout (LBO, MBO, MBI) Renewable Energy Deals - Search the Database Free


M&A Deal Summary

Date April 1, 2004
Target American Ref-Fuel Co.
Sector Renewable Energy
Buyer(s) Highstar Capital
aPriori Capital Partners
Oaktree Capital Management
Deal Type Buyout (LBO, MBO, MBI)

Target Company

American Ref-Fuel Co.

Montvale, New Jersey, United States
American Ref-Fuel Co. LLC is a waste-to-energy business is operated through subsidiaries whose equity is held by two separate entities, MSW Energy Holdings LLC (MSW I) and MSW Energy Holdings II LLC (MSW II)
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Buyers Overview 3

Buyer

Highstar Capital

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Highstar Capital is a private equity fund focused on investments in infrastructure related companies and assets. Highstar specifically targets businesses that deal in energy, transportation, waste management and water. The Firm will consider opportunities throughout North America and Europe. Highstar Capital was formerly known as AIG Highstar Capital. The Firm was formed in 2000 and is based in New York City.


Deal Context for Buyer #
Overall 6 of 21
Sector: Renewable Energy 1 of 1
Type: Buyout (LBO, MBO, MBI) 5 of 17
State: New Jersey 1 of 2
Country: United States 6 of 19
Year: 2004 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-11-01 Southern Star Central

Owensboro, Kentucky, United States

Southern Star Central is a provider of natural gas transmission and storage network. The pipeline network extends over more than 9,300 kilometers across eight states, serving mainly the Kansas and Missouri markets. Southern Star Central was founded in 2002 and is based in Owensboro, Kentucky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-01 North Star Generation Services Co.

Houston, Texas, United States

Northern Star Generation LLC ("NSG") is a privately held power generation company dedicated to providing reliable service to its customers, most of whom hold long term contracts with NSG for power generation capacity and energy production.

Buy -
Buyer

aPriori Capital Partners

Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

aPriori Capital Partners (formerly DLJ Merchant Banking Partners) is a middle-market private equity firm focused on middle-market buyouts in the US and Europe. Sectors of interest include healthcare, retail, consumer, energy, business services, and industrial. aPriori was originally established in 1985 and has offices in New York and Los Angeles.


Deal Context for Buyer #
Overall 24 of 56
Sector: Renewable Energy 1 of 1
Type: Buyout (LBO, MBO, MBI) 14 of 26
State: New Jersey 3 of 4
Country: United States 17 of 40
Year: 2004 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Aircast

Vista, California, United States

Aircast, Inc. is a designer and manufacturer of ankle braces and other orthopedic devices, cold therapy systems and vascular systems.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-01 Laramie Energy

Denver, Colorado, United States

Laramie Energy LLC is engaged in the exploitation and production of unconventional natural gas reserves in domestic onshore markets.

Buy -
Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


Deal Context for Buyer #
Overall 18 of 129
Sector: Renewable Energy 1 of 5
Type: Buyout (LBO, MBO, MBI) 9 of 45
State: New Jersey 1 of 3
Country: United States 16 of 83
Year: 2004 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-01 Pegasus Aviation Finance Co.

New York, New York, United States

Pegasus Aviation Finance Co. is a specialty finance company that purchases, finances, leases and manages passenger and freighter aircraft.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-07 InfraSource Services

Media, Pennsylvania, United States

InfraSource Services, Inc. is a provider of infrastructure services to the electric, gas and telecommunications industries.

Sell -