Waud Capital Partners and Metalmark Capital have agreed to invest $300 million in Maxum Petroleum. Following the close of the deal, Waud and Metalmark will have majority control of the board. The company's current investors, Northwest Capital Appreciation and RBC Capital Partners, will continue to retain an equity stake. Maxum markets and retails petroleum products to a variety of commercial and industrial customers.
The company was formed by Northwest Capital Appreciation, Waud and RBC in 2003 as a platform to acquire companies in the refined petroleum marketing and distribution industry. This strategy—PE firms creating platform companies to take advantage of consolidation opportunities—continues to be popular, especially in the energy industry. According to the PitchBook Platform there were 14 such platform companies formed so far in 2008. They range from alternative energy companies like SolarReserve, to oil and gas assets acquisition companies like Dynamic Offshore Resources, to refining investors like PBF Energy Partners.