February 15, 2008
Lakeside Energy Announces Equity Funding to Acquire Energy Assets or Companies
Lakeside Energy LLC (Lakeside), a newly formed energy company, today announced that it has received an equity commitment from American Securities Capital Partners, LLC (ASCP) that will support acquisitions totaling $1 billion. The Lakeside management team is comprised of senior managers from former ASCP portfolio company Primary Energy Ventures LLC, which worked with ASCP over the past three years to acquire 14 energy assets, building an enterprise value approaching $900 million. Lakeside is committed to creating profitable growth by acquiring, financing, owning, and operating independent power generation and biofuel production assets. These assets will utilize a broad range of fuel supply sources including renewable fuels.
Lakeside’s team is led by William B. Johnson, CEO, and James L. Baclawski, President. Prior to founding Lakeside Energy, William Johnson was the executive vice president of Primary Energy responsible for all M&A and key commercial activities. James Baclawski’s previous experience includes 18 years as an institutional investor in private placements and structured finance specializing in the energy industry for The Prudential Insurance Company of America and Heller Financial.
Matthew F. LeBaron, Managing Director, ASCP said, “We have a long history and successful track record working with this management team and we see tremendous opportunity in the power and energy industry sector.” The team will continue to build upon its past successes by acquiring power generation assets. In addition, the company will expand its interests to include biofuels to build a broad-based energy business.
“We are delighted to be partnering with ASCP again. The team brings not only financial resources, but a deep understanding of the industry and a host of resources that enable us to move aggressively and quickly to evaluate opportunities in the energy and power space,“ said Lakeside’s CEO, William Johnson.
Lakeside is interested in power generation and biofuel production companies located in North America requiring equity investments of $25 million to $200 million. Lakeside looks for companies with sustainable market positions, predictable cash flows, growth opportunities and reasonable risk management of fuel cost. Its business model is to create additional value in companies and assets through the implementation of operational and commercial improvements and support of the associated management teams.