M&A Deal Summary

The Carlyle Group Acquires Horizon Lines

On December 5, 2002, private equity firm The Carlyle Group acquired transportation company Horizon Lines from CSX for 300M USD

Acquisition Highlights
  • This is The Carlyle Group’s 3rd transaction in the Transportation sector.
  • This is The Carlyle Group’s 101st largest (disclosed) transaction.
  • This is The Carlyle Group’s 67th transaction in the United States.
  • This is The Carlyle Group’s 3rd transaction in North Carolina.
Investment Fate
  • Horizon Lines was sold to a financial buyer in 2004 for 650M USD.
  • Horizon Lines was sold to a consortium of financial buyers in 2004 for 650M USD.
  • Horizon Lines was sold to a publicly-traded strategic buyer in 2014 for 469M USD.

M&A Deal Summary

Date 2002-12-05
Target Horizon Lines
Sector Transportation
Buyer(s) The Carlyle Group
Sellers(s) CSX
Deal Type Divestiture
Deal Value 300M USD

Target

Horizon Lines

Charlotte, North Carolina, United States
Horizon Lines, Inc. is a container transportation shipping company, accounting for over 35% of all U.S. marine container shipments from the U.S. mainland to Alaska, Hawaii / Guam and Puerto Rico.

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Buyer(S) 1

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 118 of 744
Sector (Transportation) 3 of 18
Type (Divestiture) 9 of 72
State (North Carolina) 3 of 13
Country (United States) 67 of 349
Year (2002) 22 of 23
Size (of disclosed) 101 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-04 QinetiQ

Farnborough, United Kingdom

QinetiQ is a science and technology organization that deploys our scientific and technological knowledge, proven research capabilities and unique, purpose-built facilities to provide both services and products that meet the needs of a wide range of global customers. We operate primarily in the defence, security and critical national infrastructure markets. QinetiQ was founded in 2001 and is based in Farnborough, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-25 Ziggo

Groningen, Netherlands

Ziggo is a cable operator in the Netherlands, providing analogue and digital television, broadband and telephony services to consumers and businesses. Ziggo was founded in 2007 and is based in Groningen, Netherlands.

Buy €665M

Seller(S) 1

SELLER

CSX

Jacksonville, Florida, United States

Category Company
Founded 1978
Sector Transportation
Employees22,500
Revenue 14.7B USD (2023)
DESCRIPTION
CSX's corporate headquarters in Jacksonville, Florida.
CSX's corporate headquarters in Jacksonville, Florida.

CSX is a national railroad company principally serving the southeast US. The company's rail and intermodal businesses provide rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. CSX was founded in 1978 and is based in Jacksonville, Florida.


DEAL STATS #
Overall 1 of 2
Sector (Transportation) 1 of 2
Type (Divestiture) 1 of 2
State (North Carolina) 1 of 1
Country (United States) 1 of 2
Year (2002) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-01-01 Conrail

Philadelphia, Pennsylvania, United States

Conrail operates local rail freight service on behalf of its owners, CSX Corporation and Norfolk Southern Corporation, Conrail continues to provide safe and efficient rail service for many local rail freight customers in Detroit, New Jersey and Philadelphia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-30 Savannah Wharf Branch Rail Line

Georgia, United States

Savannah Wharf Branch rail line is a 6.5 miles of track and related assets and a twenty year lease of the related real estate along the rail line.

Sell -