M&A Deal Summary

Excel Maritime Carriers Acquires Quintana Maritime

On March 20, 2008, Excel Maritime Carriers acquired marine company Quintana Maritime from First Reserve Management for 2.5B USD

Acquisition Highlights
  • This is Excel Maritime Carriers’ 1st transaction in the Marine sector.
  • This is Excel Maritime Carriers’ largest (disclosed) transaction.
  • This is Excel Maritime Carriers’ 1st transaction in the United States.

M&A Deal Summary
Date 2008-03-20
Target Quintana Maritime
Sector Marine
Buyer(s) Excel Maritime Carriers
Sellers(s) First Reserve Management
Deal Type Add-on Acquisition
Deal Value 2.5B USD
Advisor(s) Citigroup Investment Banking (Financial)
Morgan, Lewis & Bockius LLP (Legal)

Target

Quintana Maritime

New York, United States
Quintana Maritime Ltd. is an international provider of dry-bulk cargo marine transportation services, including coal and iron ore.

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Buyer(S) 1

Buyer

Excel Maritime Carriers

Athens, Greece

website

Category Company
Sector Marine
DESCRIPTION

Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products.

DEAL STATS #
Overall 1 of 1
Sector (Marine) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (United States) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

First Reserve Management

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1983
PE ASSETS 31.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve Corporation is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and has offices in Greenwich, Connecticut; Houston, Texas; and London.

DEAL STATS #
Overall 23 of 49
Sector (Marine) 1 of 2
Type (Add-on Acquisition) 8 of 18
Country (United States) 20 of 32
Year (2008) 1 of 2
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-01 PBF Energy

Parsippany, New Jersey, United States

PBF Energy, Inc. is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 Bahamas Oil Refining Company International

Freeport, Bahamas

Bahamas Oil Refining Company International Limited is the largest storage terminal facility in the Caribbean, with the ability to store, blend, transship, and bunker fuel oil, crude oil and various petroleum products.

Buy -
Mergr

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Company

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