Vulcan Capital

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Vulcan Capital Management
Type Private
Founded 1997
Headquarters New York, New York
Key people Ford F. Graham, co-founder,
Kevin C. Davis, co-founder
Industry Private Equity
Products Leveraged buyout, Venture capital, Growth capital, Mezzanine capital

Vulcan Capital Management is a private equity firm founded in 1997 by Ford F Graham and Kevin C Davis and based in Manhattan, NY. Their investment focus has historically been in energy and natural resources, often in difficult venues such as Iraq, Nigeria, and Bangladesh.


Vulcan Capital Management's website describes itself in the following way:


Since its founding in 1997, Vulcan has completed over 35 transactions worldwide, with a value exceeding $800 million through its family of partner funds and portfolio firms.

Investment focus

Vulcan Capital Management projects center around energy and natural resources sectors with a heavy focus on coal mining and power plants, water resource management, and natural gas exploration. Since 2007 Vulcan has diversified to include water treatment services and real estate development.

Investment funds

The first Vulcan investment platform, Vulcan Partners I & II was created in 1998 and was followed by NRVG, NRVG II & NRVG which invested over $300 million in the coal industry. In 2002, Vulcan created and led an investor group that acquired select power plant assets from Enron. In 2003, Vulcan created and structured the acquisition of Duke Energy’s oil and gas division in the Gulf of Mexico. In 2004, Vulcan’s coal operations ranked as the seventh largest in the U.S. In 2004, Vulcan expanded its energy services company into Iraq and installed and repaired hundreds of Megawatts of power. Vulcan’s power plants were the first new post-war power plants in Iraq. In 2007, Vulcan launched Vulcan Partners III, a $400 million fund to originate and lead acquisitions and investments in Middle-Market natural resources and energy companies. In 2007, Vulcan, with its partner Graoch Associates, launched Aventine Hill Real Estate Fund I, a $300 million investment focusing on acquisition, financing, operation, and disposition of rental apartment communities located throughout the United States.[1]

Analysis of Claims on the Corporate Website

North Carolina Power Holdings

Vulcan's website lists North Carolina Power Holdings as a "Current Portfolio Firm" and states,

"In 2003, Vulcan acquired NCPH, a company consisting of coal-fired power plants in the Atlantic coast region. The plants currently utilize coal as well as tire-derived fuel to generate steam and electricity"

Prior to June 2005, the plant in Lumberton North Carolina had had a contract with Alamac American Knits to supply steam to Alamac's nearby plant.

Vulcan Energy International in Nigeria

Vulcan's website lists Vulcan Energy International as a "current portfolio firm" and states,

"VEI offers clients delivery of different types of power plant services including construction, on-site testing, startup commissioning, field acceptance, repair and reconstruction, and electrical and mechanical engineering. VEI is active in numerous sites world-wide."

In 2008 Vulcan Energy International entered into an Independent Power Producer (IPP) agreement with the Sokoto State government in Nigeria.

In July 2012 major media outlets reported a deal between Vulcan and the Nigerian Federal Government to invest $4.5 billion in new domestic refining capacity.

Vulcan AMPS work with the BGT Group

Vulcan's website lists Vulcan AMPS as a "current portfolio firm" and states,

"Vulcan Advanced Mobile Power Systems (AMPS) manufactures some of the world’s largest portable power generators and were the first new post-war power plants installed in Iraq."

In 2002, Vulcan purchased the assets of a company called Advanced Mobile from the Enron Bankruptcy Estate for $4,000,000.[2] This included a prototype mobile power generation unit equipped with a Pratt & Whitney gas turbine and a Peebles generator. The equipment could generate about 20MW and was transportable at slow speeds by road. Enron had put considerable effort into the design. The newly formed Vulcan Advanced Mobile Power (Vulcan AMPS) then moved into a facility in Elizabethtown, North Carolina where more units could be manufactured.

Bangladesh Work

The reports indicated that Global Vulcan Energy president Ford Graham had signed a memorandum of understanding with the government of Bangladesh to install 1800 megawatts of generation capacity.

Vulcan's website states that,

"in 2006, Vulcan's energy services company completed a comprehensive review of all power plants in Bangladesh and reached an agreement with the government of Bangladesh for a program of repair and new power plant installation."

Iraq Projects

Bayji Gas Turbines

Following the US invasion of Iraq in 2003, the US Army Corp of Engineers launched Operation Restore Iraqi Electricity. In late 2003 Vulcan entered into a contract with Washington Group International (WGI) to supply two AMPS mobile units. The project was to include six mobile GE LM2500 turbines and the two AMPS units to be installed at the existing steam plant in Bayji, Iraq. The two units were sold for $14,000,000 each with installation in Iraq required as part of the sale price.

Other Investments from the Corporate Website

Past Portfolio firms:[3]

  • Duke Energy Hydrocarbons, LLC - Vulcan originated, structured, and closed this transaction in 2003 as a purchase of Duke Energy Inc.’s offshore businesses. The company is an offshore exploration and production company with operations located in the Gulf of Mexico.
  • Triton Coal Company, LLC - In 1998, Vulcan acquired Triton Coal Company located in Wyoming’s Powder River Basin. Vulcan built the company into the 7th largest producer in the U.S. and ultimately sold the company to Arch Coal, Inc. in 2004.

Current Portfolio Firms:[4]

  • Vulcan Coal Partners, LP - In 2006, Vulcan created its newest coal company when it purchased assets and mining equipment in Central Appalachia (Alabama, Tennessee, and Kentucky). Currently, it holds over 26 million tons of coal reserves, with pending agreements to add 15 million additional tons before mid-year 2007.
  • Vulcan Energy of Canada, LTD. - In 2001, Vulcan’s portfolio company aquired over 70,000 acres of Canadian coal bed methane reserves with over 1.5 trillion cubic feet of natural gas. Vulcan’s portfolio company for this investment is in the process of exploiting this massive reserve through the drilling of over 500 wells and completion of the gathering systems.

Contact Information

Ford Graham, managing partner and co-founder Vulcan Capital Management
150 East 52nd Street, 11th Floor
New York, New York 10022
Phone: 212-980-9520

Articles and Resources


  1. Select Timeline Transactions Vulcan Capital Management, June 2012.
  2., Search on Vulcan
  3. "Select Portfolio Firms" Vulcan Capital Website, August 2009.
  4. "Select Portfolio Firms" Vulcan Capital Website, August 2009.

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