M&A Deal Summary

International Power Acquires APT Generation

On May 12, 2008, International Power acquired energy services and equipment company APT Generation from Warburg Pincus and Tenaska Capital Management

Acquisition Highlights
  • This is International Power’s 1st transaction in the Energy Services and Equipment sector.
  • This is International Power’s 1st transaction in the United States.
  • This is International Power’s 1st transaction in Nebraska.

M&A Deal Summary
Date 2008-05-12
Target APT Generation
Sector Energy Services and Equipment
Buyer(s) International Power
Sellers(s) Warburg Pincus
Tenaska Capital Management
Deal Type Add-on Acquisition

Target

APT Generation

Omaha, Nebraska, United States
APT Generation LLC owned three relatively new natural gas-fired electricity generation plants known as Armstrong (western Pennsylvania), Pleasants (West Virginia), and Troy (northwestern Ohio) with combined capacity of 1,538 megawatts. These facilities utilize modern simple-cycle generation technology which is efficient, reliable and flexible.

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Buyer(S) 1

Buyer

International Power

London, United Kingdom
Category Company
Founded 2000
Sector Utilities
Employees11,000
DESCRIPTION

International Power plc is a multinational electricity generation company headquartered in London.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Nebraska) 1 of 1
Country (United States) 1 of 1
Year (2008) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-12 SEA Gas Pipeline

Australia

SEA Gas Pipeline a 680 km gas line, provides a key gas transmission link between Victoria and South Australia.

Sell $46M

Seller(S) 2

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 42 of 251
Sector (Energy Services and Equipment) 2 of 5
Type (Add-on Acquisition) 15 of 89
State (Nebraska) 1 of 1
Country (United States) 27 of 137
Year (2008) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-01 MultiView

Irving, Texas, United States

MultiView is a provider in digital marketing solutions for B2B marketers and publishing solutions for associations. MultiView's B2B programmatic buying and targeting platforms have launched over 1 million B2B advertising campaigns via 400,000 custom ad units to customers at every stage of the buying journey. MultiView was founded in 2000 and is based in Irving, Texas.

Buy -
SELLER

Tenaska Capital Management

Omaha, Nebraska, United States
Category Private Equity Firm
Founded 2003
PE ASSETS 3.2B USD
Size Large
Type Sector Focused
DESCRIPTION

Tenaska Capital Management (TCM) is the private equity affiliate of integrated energy company Tenaska. TCM was formed to leverage Tenaska's sector expertise to pursue opportunities for investment in the North American energy sector. Specific areas of interest include power generating plants; national providers of transmission and pipeline construction and maintenance services; and natural gas storage facilities. Tenaska Capital Management is based in Omaha, Nebraska.

DEAL STATS #
Overall 2 of 15
Sector (Energy Services and Equipment) 2 of 10
Type (Add-on Acquisition) 2 of 9
State (Nebraska) 1 of 1
Country (United States) 2 of 15
Year (2008) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-15 Holland Energy

Baltimore, Maryland, United States

Holland Energy LLC is a combined-cycle plant provides electric generating capacity to the Midwest Independent System Operator (MISO) market.

Sell $383M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-20 Caledonia Energy Partners

Caledonia, Massachusetts, United States

Caledonia Energy Partners, LLC converted a depleted natural gas reservoir into a high-deliverability, multi-cycle gas storage facility that is interconnected with the Tennessee Gas Pipeline.

Sell €184M
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