M&A Deal Summary

Tenaska Capital Management Acquires Commonwealth Chesapeake Co

On April 19, 2005, private equity firm Tenaska Capital Management acquired energy services and equipment company Commonwealth Chesapeake Co from TECO Energy for 89M USD

Acquisition Highlights
  • This is Tenaska Capital Management’s 1st transaction in the Energy Services and Equipment sector.
  • This is Tenaska Capital Management’s 4th largest (disclosed) transaction.
  • This is Tenaska Capital Management’s 1st transaction in the United States.
  • This is Tenaska Capital Management’s 1st transaction in Virginia.
Investment Fate
  • Commonwealth Chesapeake Co was sold to a strategic buyer in 2008.

M&A Deal Summary
Date 2005-04-19
Target Commonwealth Chesapeake Co
Sector Energy Services and Equipment
Buyer(s) Tenaska Capital Management
Sellers(s) TECO Energy
Deal Type Divestiture
Deal Value 89M USD

Target

Commonwealth Chesapeake Co

New Church, Virginia, United States
Commonwealth Chesapeake Co LLC is a simple-cycle plant provides electric generating capacity to the PJM Interconnection market during periods of peak demand.

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Buyer(S) 1

Buyer

Tenaska Capital Management

Omaha, Nebraska, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 3.2B USD
Size Large
Type Sector Focused
DESCRIPTION

Tenaska Capital Management (TCM) is the private equity affiliate of integrated energy company Tenaska. TCM was formed to leverage Tenaska's sector expertise to pursue opportunities for investment in the North American energy sector. Specific areas of interest include power generating plants; national providers of transmission and pipeline construction and maintenance services; and natural gas storage facilities. Tenaska Capital Management is based in Omaha, Nebraska.

DEAL STATS #
Overall 1 of 22
Sector (Energy Services and Equipment) 1 of 14
Type (Divestiture) 1 of 5
State (Virginia) 1 of 1
Country (United States) 1 of 22
Year (2005) 1 of 2
Size (of disclosed) 4 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-01 Calumet Energy Team

Chicago, Illinois, United States

Calumet Energy Team LLC is a simple-cycle plant provides electric generating capacity to the PJM Interconnection market during periods of peak demand.

Buy -

Seller(S) 1

SELLER

TECO Energy

Tampa, Florida, United States
Category Company
Founded 1899
Sector Energy Services and Equipment
Employees4,400
Revenue 2.6B USD (2014)
DESCRIPTION

TECO Energy, Inc. is an energy-related holding company with regulated electric and gas utilities

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2005) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-11-23 Lykes Energy

Florida, United States

Lykes Energy is a natural gas distribution business in Florida.

Buy $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-03 New Mexico Gas

Albuquerque, New Mexico, United States

New Mexico Gas Co., Inc., a gas company. Maintains 12,000 miles of natural gas pipeline to provide service to more than 513,000 residential, commercial and transportation customers.

Buy $950M
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