Oaktree Capital Management and GFI Energy Ventures are poised to make an investment in Sheehan Pipe Line Construction Co., a Tulsa-based company that has been family-owned since 1903, according to a regulatory filing.
It’s unclear exactly how large the investment would be, but it would come out of the firms’ joint investment vehicle, OCM/GFI Power Opportunities Fund II, a $1 billion fund raised in 2005 to invest in energy and related infrastructure projects. The fund typically invests between $40 million and $100 million in buyouts, recapitalizations, emerging growth deals, growth capital investments and mid-market investments. Sectors of interest include electricity, natural gas and industrials.
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.
Read the rest of this story at the website for Buyouts magazine, where Bernard Vaughan is a senior editor.