Target: Sheehan Pipe Line Construction Co.
Sponsor: Oaktree Capital Management LP, GFI Energy Ventures LLC
Seller: R. David Sheehan Jr.
It’s unclear exactly how large the investment will be, though it would come out of the firms’ joint investment vehicle,
The Federal Trade Commission granted the buyout shops early termination of anti-trust review for the deal under the Hart-Scott-Rodino Act on June 17. Such a clearance typically means the buyer and seller have reached at least a tentative agreement on a deal and are trying to expedite the anti-trust review period. Officials from Oaktree Capital, GFI Energy and Sheehan Pipe Line Construction did not return efforts to reach them for comment.
Services provided by Sheehan Pipeline Construction include construction of cross-country main lines, relocation or replacement of existing lines, and cleaning and re-coating of existing lines.
The company’s CEO, R. David Sheehan Jr., is listed as the seller in the filing. Sheehan is a descendent of company founder John Sheehan. Born in 1852, the elder Sheehan is championed as a pioneer of the pipeline industry on the company’s Web site, having laid some of the first pipelines in the Western United States.
Professionals at Oaktree Capital and GFI Energy, both of which are based in Los Angeles, have partnered on deals for more than a decade, even before they joined forces in 1999 to raise
Oaktree Capital manages a plethora of debt and equity funds with a wide variety of strategies, from mezzanine funds to funds targeting deals in Europe, China and emerging markets. The firm manages $55 billion for many of the best known institutional investors. Oaktree Capital closed on