M&A Deal Summary

Pilot Flying J Acquires Longhorn Pipeline Holdings

On August 18, 2006, Pilot Flying J acquired energy services and equipment company Longhorn Pipeline Holdings from GFI Energy Ventures and Oaktree Capital Management

Acquisition Highlights
  • This is Pilot Flying J’s 1st transaction in the Energy Services and Equipment sector.
  • This is Pilot Flying J’s 1st transaction in the United States.
  • This is Pilot Flying J’s 1st transaction in Texas.
Investment Fate
  • Longhorn Pipeline Holdings was divested to a consortium of strategic buyers in 2010.

M&A Deal Summary
Date 2006-08-18
Target Longhorn Pipeline Holdings
Sector Energy Services and Equipment
Buyer(s) Pilot Flying J
Sellers(s) GFI Energy Ventures
Oaktree Capital Management
Deal Type Add-on Acquisition

Target

Longhorn Pipeline Holdings

Houston, Texas, United States
Longhorn Pipeline Holdings LLC is an owns a 764-mile pipeline designed to transport refined petroleum products from the U.S. Gulf Coast refineries to terminals in Odessa and El Paso, Texas.

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Buyer(S) 1

Buyer

Pilot Flying J

Knoxville, Tennessee, United States
Category Company
Founded 1958
Sector Retail
Employees20,000
DESCRIPTION
Entrance to Pilot Flying J's corporate headquarters in Knoxville, Tennessee.
Entrance to Pilot Flying J's corporate headquarters in Knoxville, Tennessee.

Pilot Flying J owns and operates travel centers near interstate highways across the US. The large majority of the Company's locations are concentrated in the Midwest and Southeast of the US. Pilot Flying J was originally established in 1958 and is based in Knoxville, Tennessee.

DEAL STATS #
Overall 1 of 4
Sector (Energy Services and Equipment) 1 of 3
Type (Add-on Acquisition) 1 of 4
State (Texas) 1 of 1
Country (United States) 1 of 4
Year (2006) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-27 Longhorn Pipeline Holdings

Houston, Texas, United States

Longhorn Pipeline Holdings LLC is an owns a 764-mile pipeline designed to transport refined petroleum products from the U.S. Gulf Coast refineries to terminals in Odessa and El Paso, Texas.

Sell -

Seller(S) 2

SELLER

GFI Energy Ventures

Los Angeles, California, United States
Category Private Equity Firm
Founded 1995
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

GFI Energy Ventures is a specialist private investment firm focused on businesses surrounding the energy industry. GFI generally looks to acquire a controlling or significant interest in private companies or business units of public companies. Energy sub-sectors of interest include power quality/power conversion; energy measurement and control; transmission and distribution optimization; and information systems/transaction support. GFI seeks opportunities with at least $50 million in revenue and valued up to $500 million. The Firm will not invest in start-ups, turnarounds, unproven technology, or investments requiring less than $30 million of equity capital. GFI Energy Ventures was formed in 1995 and is based in Los Angeles, California. GFI Energy Ventures was acquired by Oaktree Capital Management in 2009.

DEAL STATS #
Overall 12 of 30
Sector (Energy Services and Equipment) 2 of 5
Type (Add-on Acquisition) 9 of 18
State (Texas) 1 of 6
Country (United States) 10 of 28
Year (2006) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-15 Cannon Technologies

Minneapolis, Minnesota, United States

Cannon Technologies, Inc. is a developer and marketer of measurement and control products aimed at helping utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-03 SPL WorldGroup

San Francisco, California, United States

SPL WorldGroup, Inc. is a provider of customer management solutions to the energy and service related industries in regulated and competitive markets worldwide.

Sell -
SELLER

Oaktree Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1995
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 STATS #
Overall 16 of 77
Sector (Energy Services and Equipment) 2 of 4
Type (Add-on Acquisition) 10 of 31
State (Texas) 1 of 7
Country (United States) 14 of 53
Year (2006) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-15 Cannon Technologies

Minneapolis, Minnesota, United States

Cannon Technologies, Inc. is a developer and marketer of measurement and control products aimed at helping utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-03 SPL WorldGroup

San Francisco, California, United States

SPL WorldGroup, Inc. is a provider of customer management solutions to the energy and service related industries in regulated and competitive markets worldwide.

Sell -
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