M&A Deal Summary

Reworld Acquires American Ref-Fuel

On June 1, 2005, Reworld acquired renewable energy company American Ref-Fuel from Highstar Capital, aPriori Capital Partners and Oaktree Capital Management for 740M USD

Acquisition Highlights
  • This is Reworld’s 1st transaction in the Renewable Energy sector.
  • This is Reworld’s largest (disclosed) transaction.
  • This is Reworld’s 1st transaction in the United States.
  • This is Reworld’s 1st transaction in New Jersey.

M&A Deal Summary

Date 2005-06-01
Target American Ref-Fuel
Sector Renewable Energy
Buyer(s) Reworld
Sellers(s) Highstar Capital
aPriori Capital Partners
Oaktree Capital Management
Deal Type Add-on Acquisition
Deal Value 740M USD
Advisor(s) Credit Suisse Investment Banking (Financial)
Weil Gotshal & Manges (Legal)

Target

American Ref-Fuel

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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Buyer(S) 1

Buyer

Reworld

Morristown, New Jersey, United States

Category Company
Founded 1986
Sector Energy Services and Equipment
Employees4,000
Revenue 1.9B USD (2020)
DESCRIPTION

Reworld is a provider of waste and energy services to municipal entities. The Company's 45 Energy-from-Waste facilities provide communities and businesses around the world with environmentally sound solid waste disposal by using waste to generate clean, renewable energy. Reworld was founded in 1962 and is based in Morristown, New Jersey.


DEAL STATS #
Overall 1 of 10
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 1 of 10
State (New Jersey) 1 of 1
Country (United States) 1 of 10
Year (2005) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-17 Danielson Indemnity

Long Beach, California, United States

Danielson Indemnity Co. is a provider of insurance services.

Sell -

Seller(S) 3

SELLER

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 STATS #
Overall 2 of 12
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 2 of 4
State (New Jersey) 1 of 1
Country (United States) 2 of 11
Year (2005) 1 of 4
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-19 InterGen NV

Burlington, Massachusetts, United States

InterGen NV is a global power generation platform in Europe, Australasia and Mexico with 12 power plants representing an equity share of 6,252 MW of production capacity.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 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.

Sell -
SELLER

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 STATS #
Overall 12 of 51
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 5 of 22
State (New Jersey) 1 of 3
Country (United States) 10 of 38
Year (2005) 3 of 8
Size (of disclosed) 15 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-11 Tysers

London, United Kingdom

Tysers is a specialty commercial property & casualty insurance brokerage firm headquartered in the U.K. Tysers serves as an intermediary between retail and/or wholesale insurance brokers to facilitate the placement of unusual, complex, or specialized coverages within the London market, notably to Lloyds of London, and global insurance markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-20 Professional Career Development Institute

Norcross, Georgia, United States

Professional Career Development Institute is a provider of distance education.

Buy -
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 10 of 77
Sector (Renewable Energy) 1 of 3
Type (Add-on Acquisition) 6 of 31
State (New Jersey) 2 of 3
Country (United States) 8 of 53
Year (2005) 2 of 3
Size (of disclosed) 5 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-01 Power Measurement

Saanichton, British Columbia, Canada

Power Measurement Holdings, Inc. is an energy information technology company and a provider of enterprise energy management systems for energy suppliers and consumers worldwide. Power Measurement's web-enabled software and intelligent metering and control devices measure, evaluate, and help manage power consumption and conditions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-17 Chart Industries

Ball Ground, Georgia, United States

Chart Industries is a provider of cryogenic equipment used in industrial gas, hydrocarbon, and medical applications. Chart Industries was incorporated in 1859 and is headquartered in Ball Ground, Georgia.

Sell $460M