Simpson Thacher is representing First Reserve Corp. (“First Reserve”) in connection with the recently announced acquisition of K-Sea Transportation Partners L.P. (“K-Sea”) by Kirby Corporation (“Kirby”) for approximately $335 million. KA First Reserve, LLC owns approximately 50% of K-Sea’s equity. The transaction is expected to close in the second or third calendar quarter of 2011.
K-Sea, a public limited partnership, is one of the largest coastwise tank barge operators in the United States. K-Sea provides refined petroleum products transportation, distribution and logistics services in the U.S. domestic marine transportation market.
Kirby Corporation, based in Houston, Texas, operates inland tank barges and towing vessels, transporting petrochemicals, black oil products, refined petroleum products and agricultural chemicals throughout the United States inland waterway system.
KA First Reserve, LLC was formed by First Reserve and Kayne Anderson Capital Advisors, L.P. to make investments in energy-related midstream assets and other related assets on behalf of First Reserve.
The Simpson Thacher team includes: Patrick Naughton and Jose Grajales (M&A), LeAnn Leutner (Capital Markets and Securities) and Michael Naughton (HSR).