Divestiture • Energy Services and Equipment

Riverstone Holdings Acquires IMTT

On November 9, 2020, private equity firm Riverstone Holdings acquired energy services and equipment company IMTT from Macquarie for 2.7B USD

Acquisition Context
  • This is Riverstone Holdings’ 27th transaction in the Energy Services and Equipment sector.
  • This is Riverstone Holdings’ 2nd largest (disclosed) transaction.
  • This is Riverstone Holdings’ 77th transaction in the United States.
  • This is Riverstone Holdings’ 2nd transaction in Louisiana.

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M&A Deal Summary

Date November 9, 2020
Target IMTT
Sector Energy Services and Equipment
Buyer(s) Riverstone Holdings
Sellers(s) Macquarie
Deal Type Divestiture
Deal Value 2.7B USD

Target Company

IMTT

New Orleans, Louisiana, United States
IMTT is a provider of handling and storage of bulk liquid products through its ownership and operation of ten terminals in the U.S. and two additional facilities in Canada. The terminals handle petroleum (primarily refined), chemical, and vegetable and animal oil products for customers including refiners, commodities traders, and specialty chemical manufacturers. Customers retain ownership of the bulk liquids, as well as responsibility for ensuring those products. IMTT was formed in 1939 and is based in New Orleans, Louisiana.
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Buyer Overview 1

Buyer

Riverstone Holdings

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 40.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Riverstone Holdings is a large specialist asset management and private equity firm focused on opportunities in the energy and power industry. Specific areas of interest include oil & gas exploration, midstream transportation/logistics, electric generation, energy & power service, power infrastructure, and energy & power technology. Riverstone Holdings was formed in 2000 and is based in New York, New York.


Deal Context for Buyer #
Overall 105 of 106
Sector: Energy Services and Equipment 27 of 27
Type: Divestiture 5 of 5
State: Louisiana 2 of 2
Country: United States 77 of 78
Year: 2020 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Cuadrilla

Manchester, United Kingdom

Cuadrilla is an exploration and production company focused on bringing together leading unconventional oil and gas explorers, developers and technologists to unlock untapped unconventional resource plays in selected parts of Europe, in an environmentally and socially acceptable manner. Cuadrilla was founded in 2007 and is based in Manchester, England.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-11 Forsa Energy

Greenock, United Kingdom

Forsa Energy is an independent power producer platform focused on providing flexible power solutions to support the UK’s transition to renewable energy. Forsa Energy was founded in 2011 and is based in Greenock, Scotland.

Sell -

Seller Profile 1

SELLER

Macquarie

New York, New York, United States

Category Company
Founded 2004
Sector Infrastructure
Employees2,224
Revenue 236M USD (2021)
DESCRIPTION

Macquarie through its subsidiaries, owns, operates, and invests in infrastructure businesses that provide services to businesses and individuals primarily in the United States. Macquarie was formed in 2004 and is based in New York, New York.


Deal Context for Seller #
Overall 3 of 4
Sector: Energy Services and Equipment 2 of 2
Type: Divestiture 2 of 3
State: Louisiana 1 of 1
Country: United States 3 of 4
Year: 2020 2 of 2
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-05 InSite Wireless Group

Alexandria, Virginia, United States

InSite Wireless Group LLC develops, owns, operates, and manages communications wireless infrastructure facilities primarily for the wireless and broadcast industries. InSite’s tower division is one of the largest privately-owned U.S. tower companies and develops, manages, owns, and operates approximately 1,500 telecommunications towers and sites for wireless carriers across the United States, Puerto Rico, the U.S. Virgin Islands, Canada, and Australia. InSite’s distributed antenna system (DAS) and small cell division specializes in the design, installation, operation, and maintenance of shared wireless infrastructure solutions that enhance the quality and capacity of wireless voice and data services in public facilities and complex environments. InSite Wireless Group was founded in 2000 and is based in Alexandria, Virginia.

Sell $3.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-07 Atlantic Aviation

Plano, Texas, United States

Atlantic Aviation provides a wide range of aviation services, including a premier Fixed Based Operations chain and dedicated concierge service across the United States. Atlantic Aviation was founded in 1927 and is based in Plano, Texas.

Sell $4.5B