M&A Deal Summary

Pilot Flying J Acquires Maxum Petroleum

On September 4, 2012, Pilot Flying J acquired transportation company Maxum Petroleum from NCA Partners, Waud Capital Partners, Cadent Energy Partners and Metalmark Capital

Acquisition Highlights
  • This is Pilot Flying J’s 1st transaction in the Transportation sector.
  • This is Pilot Flying J’s 3rd transaction in the United States.
  • This is Pilot Flying J’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2012-09-04
Target Maxum Petroleum
Sector Transportation
Buyer(s) Pilot Flying J
Sellers(s) NCA Partners
Waud Capital Partners
Cadent Energy Partners
Metalmark Capital
Deal Type Add-on Acquisition
Advisor(s) BofA Securities
J.P. Morgan Securities (Financial)
Kirkland & Ellis (Legal)

Target

Maxum Petroleum

Greenwich, Connecticut, United States
Maxum Petroleum, Inc. is a provider of logistics and energy management services in the United States.

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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 3 of 4
Sector (Transportation) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (Connecticut) 1 of 1
Country (United States) 3 of 4
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-22 Western Petroleum

Vernal, Utah, United States

Western Petroleum LLC is a fuel distributor. Western Petroleum transports and delivers fuels, lubes, industrial oils, provides both on-site and card lock fueling services to construction, trucking, drill rigs, commercial accounts, mines, ski resorts and farms in Utah, Colorado, Nevada and Wyoming.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-28 Equipment Transport

Carlisle, Pennsylvania, United States

Equipment Transport is a diversified ancillary well site services company. The company provides critical services supporting the Marcellus and Utica Shale drilling and hydraulic fracturing programs of major exploration and production ("E&P") companies. Equipment Transport brings significant value to its E&P customers through a broad service offering that includes fluid transportation, waste management, heavy equipment hauling, and ancillary pad support services.

Buy -

Seller(S) 4

SELLER

NCA Partners

Seattle, Washington, United States

Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

NCA Partners, Inc. is an investor in small and mid-sized companies operating in the Northwest US. The Firm invests in companies with $10 to $100 million in revenues and valued up to $250 million. Areas of interest include business services, consumer products/services, financial services, manufacturing, nature technology, media and transportation. NCA will consider a variety of transaction situations, including, buyouts, consolidations, turnarounds, recapitalizations and growth capital financings. NCA Partners, Inc. formerly known as Northwest Capital Appreciation, Inc. was formed in 1992 and is based in Seattle, Washington.

DEAL STATS #
Overall 1 of 5
Sector (Transportation) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (Connecticut) 1 of 1
Country (United States) 1 of 4
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-21 Coast Crane

Seattle, Washington, United States

Coast Crane Co. is a distributor of cranes and personnel lifts to the construction industry in the western U.S. The company's product offerings include new and used sales and rentals of premier lines of lifting equipment, such as Manitowoc Crane Group, JLG Industries, Elliott Equipment, Auto Crane, and KD Manitou.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-05 Frontier Packaging

Tukwila, Washington, United States

Frontier Packaging is a provider of packaging materials and related logistics to the Alaskan seafood industry. Frontier Packaging was founded in 1985 and is based in Tukwila, Washington.

Sell -
SELLER

Waud Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 3.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Waud Capital Partners is a private equity firm that pursues investments in mid-sized manufacturing, distribution and service companies. Waud looks for businesses with proven management, operating in well defined markets, and that demonstrate strong growth potential. The Firm typically invests $75 to $200 million. Specific areas of interest include adhesives, air/water treatment, alarm monitoring, auto components, coatings, consumer products, home healthcare services, hospitals, lighting, litigation support, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals, and tax consultants. Prospective transaction situations include buyouts, recapitalizations and industry consolidations. Waud Capital Partners was established in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 10 of 27
Sector (Transportation) 1 of 1
Type (Add-on Acquisition) 3 of 10
State (Connecticut) 1 of 1
Country (United States) 9 of 26
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-24 Sterling

Tacoma, Washington, United States

Sterling is a provider of drugs-of-abuse laboratory testing and related products and services used to screen, diagnose and treat individuals undergoing medical or professional treatment programs, criminal justice proceedings or employment checks. Sterling maintains the highest possible quality certifications, including Substance Abuse and Mental Health Services Administration ("SAMHSA"), Clinical Laboratory Improvement Amendments ("CLIA"), College of American Pathologists ("CAP") and numerous State licenses. Sterling was formed in 2002 and is based in Tacoma, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-17 CarePoint Partners

Cincinnati, Ohio, United States

CarePoint Partners is a provider of home and alternate-site infusion therapy for patients with complex, acute and chronic illnesses.

Sell $223M
SELLER

Cadent Energy Partners

Category Private Equity Firm
Founded 2003
Size Large
Type Sector Focused
DESCRIPTION

Cadent Energy Partners is a private equity firm that invests in small to medium-sized North American companies in the energy industry. Specific areas of interest include exploration and production; drilling and completion; non-conventional hydrocarbon developments; oilfield services and equipment; oil and gas transportation; refining equipment and services; petroleum products distribution and storage; power equipment and services; and renewable energy. Cadent generally invests between $25 and $75 million per transaction in businesses generating revenues of $10 to $100 million. In addition to providing expansion capital, Cadent also finances private mergers or acquisitions, corporate divestitures or spinouts, and restructuring situations. Cadent Energy was formed in 2003 and is based in Rye Brook, New York.

DEAL STATS #
Overall 3 of 7
Sector (Transportation) 1 of 1
Type (Add-on Acquisition) 2 of 5
State (Connecticut) 2 of 2
Country (United States) 2 of 6
Year (2012) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-01 Vermilion Bay Exploration

Houston, Texas, United States

Vermilion Bay Exploration, Inc. is a provider of seismically-driven onshore exploration services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-19 Pipeline Supply & Service

Houston, Texas, United States

Pipeline Supply & Service LLC is a providers of industrial products and services to the domestic oil and gas transmission industry. Furthermore, PSS stocks and distributes one of the industry’s most comprehensive and largest industrial and safety product offerings.

Sell -
SELLER

Metalmark Capital

New York, New York, United States
Category Private Equity Firm
Founded 2004
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Metalmark Capital is an independent private equity group focused on large company transactions in a wide range of industries. Metalmark is a hands-on investment firm looking to build long-term value in its portfolio companies. Broad areas of interest include natural resources/energy, healthcare services, industrials, food, transportation, and financial services. Metalmark was established in 2004 by the former principals of Morgan Stanley Capital Partners to manage the Metalmark Capital and Morgan Stanley Capital Partners funds. Metalmark is based in New York City.

DEAL STATS #
Overall 24 of 40
Sector (Transportation) 2 of 2
Type (Add-on Acquisition) 12 of 20
State (Connecticut) 1 of 1
Country (United States) 23 of 37
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-01 Pacific Coast Energy Company

Los Angeles, California, United States

Pacific Coast Energy Company is an independent company engaged in the development and production of long-lived onshore crude oil reserves located in Los Angeles, Orange and Santa Barbara counties in Southern California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-24 Vanguard Health Systems

Nashville, Tennessee, United States

Vanguard Health Systems, Inc. owns and operates acute care hospitals and complementary facilities. Since 1998, the company has acquired or developed 16 acute care hospitals with a total of 3,784 beds. In addition, the company owns a Medicaid health plan serving 94,600 members and a capitated health plan serving 47,600 members.

Sell $4.3B
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