Maxum Petroleum, Inc., a leading energy
logistics company, today announced that it
has reached a definitive agreement with
leading private equity firms Metalmark
Capital and Waud Capital Partners to invest
$300 million in Maxum Petroleum. Following
the close, Metalmark Capital and Waud Capital
Partners will represent a majority of the
board. Current investors Northwest Capital
Appreciation and RBC Capital Partners will
retain an equity interest in Maxum Petroleum.
"The management team of Maxum Petroleum is
very pleased to have Metalmark Capital as a
new partner and to receive an additional
investment from one of our founding
investors, Waud Capital Partners," said Perot
Bissell, Maxum Petroleum's CEO. "This
significant investment reinforces our solid
capital base and will help further extend our
partnerships with our customers and
suppliers, including facilitating the
expansion of our footprint and our wide array
of value added services. This is a strong
endorsement of the success we have achieved
in the rapidly consolidating energy logistics
industry, and a validation of the strategy we
have employed and will continue to pursue."
"Maxum Petroleum has established the leading
platform in the fuel and lubricant
distribution industry and has a reputation
for unique, customer focused solutions," said
Howard Hoffen, Chairman and CEO of Metalmark
Capital. "We look forward to working with the
talented management team to capitalize on the
tremendous opportunities presented in such a
large and fragmented industry."
Reeve Waud, Founder and Managing Partner of
Waud Capital Partners commented, "As one of
the founding investors in Maxum Petroleum, I
have seen first hand what a great platform
Perot Bissell and the senior management team
have built. I am excited to increase our
commitment to Maxum Petroleum and help it
reach the next level."
Maxum Petroleum, Inc., based in Old
Greenwich, CT, is a leading independent
energy logistics company that markets and
distributes a comprehensive offering of
refined petroleum products and services to
commercial and industrial customers. Maxum
Petroleum is continuing a strategic growth
and acquisition plan in the fragmented
commercial fuel and lubricant distribution
industry, launched in 2004 with the
acquisition of Simons Petroleum. To date,
Maxum has completed 11 acquisitions of fuel
and lubricant marketers and facilities,
including Simons Petroleum, Trevco, Hartney,
Pecos (including its General Petroleum and
Rainier Petroleum subsidiaries), Canyon State
Oil, Petroleum Products and Paulson Oil.
