M&A Deal Summary

Power Line Services Acquires Integrated Pipeline Services

On March 20, 2012, Power Line Services acquired construction company Integrated Pipeline Services from GFI Energy Ventures and Oaktree Capital Management

Acquisition Highlights
  • This is Power Line Services’ 1st transaction in the Construction sector.
  • This is Power Line Services’ 1st transaction in the United States.
  • This is Power Line Services’ 1st transaction in Texas.

M&A Deal Summary
Date 2012-03-20
Target Integrated Pipeline Services
Sector Construction
Buyer(s) Power Line Services
Sellers(s) GFI Energy Ventures
Oaktree Capital Management
Deal Type Add-on Acquisition

Target

Integrated Pipeline Services

Houston, Texas, United States
Integrated Pipeline Services, Inc. is a provider of engineering and construction services of cross-country pipelines, gathering and midstream pipelines, gas distribution systems, compressor, pump, and meter stations, storage facilities, and pipeline integrity and maintenance.

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Buyer(S) 1

Buyer

Power Line Services

The Woodlands, Texas, United States
Category Company
Founded 2009
Sector Energy Services and Equipment
DESCRIPTION

Power Line is a group with the expertise, resources and experience to perform construction services nation-wide for major utilities, regional cooperatives, renewable energy developers, municipalities, commercial and industrial customers and several oil and gas companies.

DEAL STATS #
Overall 1 of 4
Sector (Construction) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (Texas) 1 of 1
Country (United States) 1 of 4
Year (2012) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-30 The Snelson Companies

Sedro Woolley, Washington, United States

Snelson constructs and maintains pipelines and associated compressor and metering stations to transport natural gas, petroleum products, water, and other liquids. Headquartered near Seattle, Washington and active primarily in the Pacific Northwest and Rocky Mountain regions, Snelson is well positioned to address the growing need for new and expanded pipelines to move gas from gathering fields in the West to markets nationwide.

Buy -

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 20 of 30
Sector (Construction) 1 of 2
Type (Add-on Acquisition) 14 of 18
State (Texas) 2 of 6
Country (United States) 18 of 28
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-26 IEA

Westchester, Illinois, United States

IEA was formed to build an integrated portfolio of energy and infrastructure construction companies. Since its formation, the company has demonstrated its ability to grow organically and execute numerous successful strategic acquisitions. IEA was formed in 2011 and is based in Westchester, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-30 The Snelson Companies

Sedro Woolley, Washington, United States

Snelson constructs and maintains pipelines and associated compressor and metering stations to transport natural gas, petroleum products, water, and other liquids. Headquartered near Seattle, Washington and active primarily in the Pacific Northwest and Rocky Mountain regions, Snelson is well positioned to address the growing need for new and expanded pipelines to move gas from gathering fields in the West to markets nationwide.

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 31 of 77
Sector (Construction) 1 of 4
Type (Add-on Acquisition) 18 of 31
State (Texas) 3 of 7
Country (United States) 27 of 53
Year (2012) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-23 Genco Shipping

New York, New York, United States

Genco Shipping is a shipping transportation company. Genco Shipping was founded in 2004 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-04 Osmose Holdings

Buffalo, New York, United States

Osmose Holdings, Inc. is a global provider of utility services, wood preservation and treatment chemicals, and railroad infrastructure services.

Buy -
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