Metalmark and Waud Recap Maxum Petroleum

Metalmark Capital and Waud Capital Partners have completed their $300 million recapitalization of Maxum Petroleum. The company's existing owners, Northwest Capital Appreciation and RBC Capital Partners, received a cash dividend and will retain a significant equity portion in the company. Maxum, an energy logistics company, plans to use the cash to pay down some debt and to help the company expand its reach and services.

Despite there being 143 completed investments in energy related companies in 2008, this is only the fifth PE investment in the energy sector in 2009 according to the PitchBook Platform. The 2009 deals are misleading though since the majority of them were originally struck back in 2008, or even in 2007 like the Puget Sound Energy deal. More telling is the absence of newly announced energy investments so far this year. Private equity's interest in the energy sector seems to have plummeted right along with the price of oil and gas.