If the deal proceeds, the New York-based shop’s acquisition would come out of Riverstone/Carlyle Global Energy and Power Fund IV, a $6 billion energy fund closed in March, as peHUB, an online affiliate publication of PE Week, first reported.
The fund is run in partnership with The
For Halifax Group, the deal would generate an exit for Halifax Capital Partners II, a $305 million fund the firm closed in 2006.
Taylor Cos., also called Taylor Logistics, delivers oil from more than 14,000 wellheads a month, according to the company’s website. The company owns 77 pipeline injection stations located along various pipelines. Taylor also has a marketing business in which it acts as an intermediary to buyers and sellers of crude oil.
Halifax Group, a Washington, D.C.-based firm with offices in Dallas and Raleigh, N.C., bought Taylor Cos. in September 2006 for an undisclosed amount. The firm typically invests in deals with enterprise values of between $20 million and $100 million that require equity commitments of $10 million to $40 million.
Founded in 2000, Riverstone Holdings manages about $17 billion across six funds. The New York-based firm does buyouts and growth capital investments in the midstream, exploration and production, oilfield services, power and renewable sectors of the energy industry.
James Ballengee, CEO of Taylor Cos., retained a significant minority stake in the company after Halifax Group’s investment, although it is unclear if he will maintain that stake after the Riverstone Holdings investment.
Ballengee could not immediately be reached for comment. Executives at Halifax Group and Riverstone Holdings declined to comment. —Bernard Vaughan