Thursday, August 7, 2008

Carlyle/Riverstone: Lose One, Gain Another

The Carlyle Group's energy joint venture, Riverstone Holdings, must feel a bit manic-depressive. Not long ago, they lost their investment in SemGroup to debt holders in a Chapter 11 bankruptcy. But the tough bounce back. LBO Wire stated:

"Riverstone Holdings LLC and Carlyle Group, which together manage the Riverstone/Carlyle Global Energy and Power Funds, have struck a deal to buy midstream energy company Gibson Energy Holdings Inc. from Hunting PLC for $1.1 billion."

Let's hope they don't lose billions hedging that midstream product with their new company.