Carlyle/Riverstone in pipeline co deal

The private equity firms’ joint venture, Global Energy and Power Fund II, agrees to buy the parent company of Buckeye Pipe Line Company from Buckeye Partners, L.P.

Carlyle/Riverstone Global Energy and Power Fund II, a joint venture between New York-based energy specialist Riverstone Holdings and Washington, DC-based private equity giant The Carlyle Group, has agreed to buy Glenmoor, the parent company of Buckeye Pipe Line Company, from Emmaus, Pennsylvania-based Buckeye Partners.

 

Terms of the deal were not disclosed, according to a press statement. The sale is expected to close in the second quarter of 2004.

 

Buckeye Partners is one of the largest refined petroleum products pipeline companies in the US, with approximately 3,800 miles of pipes.

 

The purchase is the second transaction for Carlyle/Riverstone this month. Last week, it partners with Washington DC-based Acon Investments, an affiliate of Fort Worth, Texas buyout giant Texas Pacific Group, to acquire Mariner Energy from bankrupt Enron through one of their portfolio holdings in a $271.1 million deal.

 

Carlyle/Riverstone Global Energy and Power Fund II focuses on investing in the global energy and power sectors, utilizing private equity capital of more than $1.2 billion. The Carlyle Group currently has more than $17.5 billion under management. Riverstone Holdings is an energy- and power-focused private equity firm with more than $1.2 billion under management.