Quantum Capital Group Completes $1.8 Billion Acquisition of Caerus Oil and Gas Assets
Launches QB Energy to Manage Piceance Assets
Overview of the Acquisition
Quantum Capital Group (“Quantum”) and Caerus Oil and Gas (“Caerus”) have officially closed a significant transaction in which Quantum, through two distinct portfolio companies, has acquired Caerus’ oil and gas operations for around $1.8 billion. This amount includes the assumption of asset-backed securities and various liabilities. Caerus is backed by a private investor group that includes Oaktree Capital Management (“Oaktree”), The Anschutz Corporation, and Old Ironsides Energy, collectively referred to as the “Caerus Investor Group.”
Introduction of New Portfolio Companies
QB Energy will take over the producing upstream assets, midstream gathering and compression assets, approximately 600,000 acres, along with all other assets owned by Caerus in the Piceance Basin, collectively known as the “Piceance Assets.” QB Energy is a newly established Quantum portfolio company created in collaboration with Roger Biemans, who will serve as its President and CEO. Meanwhile, KODA Resources (“KODA”) is set to acquire producing upstream assets, midstream gathering and compression assets, around 160,000 acres, and all other assets owned by Caerus in the Uinta Basin, referred to as the “Uinta Assets,” together known as the “Assets.” KODA is a Quantum portfolio company led by President and CEO Osman Apaydin, alongside Executive Chairman Kurt Doerr.
Looking Ahead
Tom Field, Partner at Quantum, stated, “As an active private energy investor, we understand the critical need for expanding access to clean and reliable energy in key markets across the United States. This transaction presents a unique opportunity for Quantum to invest in significant natural gas production, alongside large, contiguous acreage positions that contain substantial hydrocarbon resources with considerable potential for value creation.”
The Role of Natural Gas
Chuck Davidson, Partner at Quantum, emphasized, “Natural gas is becoming increasingly vital to our energy infrastructure, offering a rare blend of sustainability, reliability, and affordability that enables us to meet growing power demands. The Caerus assets grant us access to some of the largest natural gas resources in the western markets, which have faced numerous energy shortages in recent years.”
Commitments from Leadership
Roger Biemans, CEO of QB Energy, remarked, “The Piceance Assets represent the largest single asset base atop the second largest gas resource in the continental U.S. We plan to utilize a number of Caerus’ existing skilled workforce to ensure a smooth transition.”
Osman Apaydin, CEO of KODA Resources, added, “This transaction marks an exciting new chapter for the KODA/Quantum partnership, and we are delighted to welcome many members of the existing Caerus team.”
Transition and Farewell
Dave Keyte, Founder and CEO of Caerus, shared his pride in the team's accomplishments and readiness for the transition: “I am proud to pass Caerus’ entire team and these assets to a new group of owners who possess the right development and management expertise.”
Investor Appreciation
Jordon Kruse, Co-Portfolio Manager of Oaktree’s Special Situations Strategy, expressed gratitude on behalf of the Caerus Investor Group, stating, “We are very pleased to finalize the sale of Caerus to Quantum.”
About Quantum Capital Group
Founded in 1998, Quantum is a prominent provider of private equity, credit, and venture capital within the global energy and energy transition sectors, having managed over $27 billion in equity commitments. For further details about Quantum, please visit www.quantumcap.com.
Frequently Asked Questions
What was the total amount paid for the acquisition?
Quantum Capital Group acquired Caerus Oil and Gas assets for approximately $1.8 billion.
What are the names of the newly formed companies?
The newly formed companies are QB Energy and KODA Resources.
Who will lead QB Energy?
Roger Biemans will serve as the President and CEO of QB Energy.
What type of assets did Quantum acquire?
Quantum acquired producing upstream assets, midstream assets, and extensive land holdings in the Piceance and Uinta Basins.
What is Quantum's vision for the acquired assets?
Quantum aims to optimize operations and enhance the production of natural gas, providing reliable energy to meet growing demand.
