Quantum Capital Seals $1.8 Billion Deal for Caerus Oil and Gas

Quantum Capital Group has acquired Caerus Oil and Gas for about $1.8 billion including liabilities.

Houston, Texas-based Quantum announced the closing of the deal in a statement on Monday. Bloomberg News reported in June that Quantum would buy the Rocky Mountain energy explorer.

It’s doing the deal through portfolio companies QB Energy and Koda Resources.

QB Energy is acquiring the producing upstream assets, gathering and compression midstream assets and all other assets owned by Caerus in the Piceance Basin. Koda is taking a similar set of assets owned by Caerus in the Uinta Basin.

“The Piceance Assets represent the largest single asset base atop the second largest gas resource in the continental US,” Roger Biemans, chief executive officer of QB Energy, said in a statement.

Caerus is backed by Oaktree Capital Management, Anschutz Investment Co. and Old Ironsides Energy. This deal is a relatively rare example of a so-called secondary buyout in US oil and gas, where corporate buyers have typically been the acquirers of private equity-backed assets.