Investment Summary

RSTW Partners and Endeavour Capital Exits Tidewater

On December 14, 2012, infrastructure investor Stonepeak invested in infrastructure company Tidewater from RSTW Partners and Endeavour Capital

Investment Highlights
  • This is Stonepeak’s 1st transaction in the Infrastructure sector.
  • This is Stonepeak’s 3rd transaction in the United States.
  • This is Stonepeak’s 1st transaction in Washington.
Investment Fate
  • Tidewater was sold to a consortium of financial buyers in 2019.

Investment Summary

Date 2012-12-14
Target Tidewater
Sector Infrastructure
Investor(s) Stonepeak
Sellers(s) RSTW Partners
Endeavour Capital
Deal Type Secondary Buyout

Target

Tidewater

Vancouver, Washington, United States
Tidewater is an operator of a multi-commodity transportation and terminal company serving the diverse and evolving transportation needs of the Pacific Northwest. Tidewater is an essential infrastructure provider with high barriers to entry due to permitting, scale requirements, and regulatory barriers. Tidewater was founded in 1932 and is based in Vancouver, Washington.

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Investor(S) 1

Investor

Stonepeak

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2011
PE ASSETS 73.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stonepeak is a private equity firm focused on North American infrastructure investing. Specific areas of interest include energy assets, power/renewables, transportation, utilities, water, and communications. Stonepeak was formed in 2011 and is headquartered in New York City.


DEAL STATS #
Overall 3 of 44
Sector: Infrastructure M&A 1 of 5
Type: Secondary Buyout M&A Deals 1 of 8
State: Washington M&A 1 of 1
Country: United States M&A 3 of 24
Year: 2012 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 Orion Water Partners

Carlsbad, California, United States

Orion Water Partners is a joint venture to construct, own and operate the Carlsbad Desalination Plant. Completed in December 2015 after a three-year construction process, the Carlsbad Desalination Plant is the largest seawater desalination plant in the Western Hemisphere. The plant produces as much as 10% of San Diego’s drinking water under a 30-year off-take agreement with the San Diego County Water Authority, ensuring drought-proof supply for nearly a half-million residents of Southern California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-26 Venture Global Calcasieu Pass

Arlington, Virginia, United States

Venture Global Calcasieu Pass is developing an LNG export facility located at the mouth of the Calcasieu Ship Channel in Southwest Louisiana. Calcasieu Pass is being developed by Venture Global LNG, a long-term, low-cost provider of American-produced liquified natural gas. The project site features deep-water access, proximity to plentiful gas supplies and ease of transport for buyers. Venture Global Calcasieu Pass is based in Arlington, Virginia.

Buy -

Seller(S) 2

SELLER

RSTW Partners


Category Private Equity Firm
Founded 1989
PE ASSETS 750M USD
Size Large
Type Sector Agnostic
DESCRIPTION

RSTW Partners is a private investment firm focused primarily on providing subordinated debt financing to middle-market companies throughout the continental US. RSTW will consider opportunities in a variety of industries and looks to invest $10 to $30 million per transaction. Prospective companies typically have revenues of $25 million andn operating income of $2.5 million. RSTW will not invest in start-ups, turnarounds, financial services, real estate, or oil/gas exploration. RSTW was formed in 1989 and is based in Houston, Texas.


DEAL STATS #
Overall 11 of 11
Sector: Infrastructure M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
State: Washington M&A 2 of 2
Country: United States M&A 10 of 10
Year: 2012 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-02 Mattress Giant

Addison, Texas, United States

Mattress Giant Corp. is a specialty retailer of bedding products to markets across the eastern half of the U.S.

Sell -
SELLER

Endeavour Capital

Portland, Oregon, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 925M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Endeavour Capital LLC is a private equity firm that targets service and manufacturing companies headquartered in the Western United States. Endeavour looks to invest with and an enterprise value of $25 -$250 million with an EBITDA of $5-$50 million. Prospective companies are generally profitable with at least $5 million of EBITDA. Supported investment situations include growth capital financings, industry consolidations, management acquisitions, recapitalizations, and ownership transfers. The firm invests in the range of $25-$150 million per transaction. Areas Endeavour will not invest include real estate and emerging technology. Endeavour Capital was formed in 1991 and is based in Portland, Oregon with additional offices in Seattle, Washington, and Los Angeles, California.


DEAL STATS #
Overall 15 of 35
Sector: Infrastructure M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 13
State: Washington M&A 2 of 5
Country: United States M&A 15 of 34
Year: 2012 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 Concentrix Catalyst

Atlanta, Georgia, United States

Concentrix Catalyst is an enterprise IT solutions company that specializes in full-scale implementation and delivery capabilities. Concentrix Catalyst drives innovations around today's burgeoning technologies, including Digital, Analytics, Cloud, Big Data, and DevOps while harnessing the latest solutions across multiple platforms, including SAP, Microsoft and Oracle. Concentrix Catalyst was founded in 2004 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 USNR

Woodland, Washington, United States

USNR is a manufacturer of products ranging from single machines to highly engineered and technologically sophisticated turnkey solutions for wood processors in the plywood and panel, solid wood, and engineered wood sectors. USNR is based in Woodland, Washington.

Buy -