Quantum Capital Said to Strike $1.8 Billion Deal for Caerus Oil

Quantum Capital Group has agreed to buy Caerus Oil and Gas in a deal that values the Rocky Mountain energy explorer at $1.8 billion, people familiar with the matter said, as private equity firms ramp up buying in the oil patch.

Energy-focused Quantum is buying Caerus from backers Oaktree Capital Management, Anschutz Investment Co. and Old Ironsides Energy, according to the people, who asked to not be identified discussing confidential information.

A representative for Quantum declined to comment. Representatives for Caerus, Oaktree, Anschutz and Old Ironsides didn’t respond to requests for comment.

The deal underscores how buyout firms ...