[Context: On September 7, Turnbridge Capital-backed Brigade Energy acquired the well servicing division of Clearlake Capital-backed GlobeLTR Energy. Further details, advisors and related links are below.]
Clearlake Capital Backed GlobeLTR Energy Inc. Announces Sale of Well Servicing Division to Brigade Energy Services, LLC
SANTA MONICA, Calif. & MIDLAND, Tex. & DALLAS & DENVER–September 07, 2017–(BUSINESS WIRE)–GlobeLTR Energy Inc. (“GlobeLTR” or the “Company”), a portfolio company of affiliates of Clearlake Capital Group, L.P. (“Clearlake”), today announced the Company has closed the sale of its well servicing division to Brigade Energy Services, LLC (“Brigade”), a portfolio company of Turnbridge Capital Partners, LLC and affiliates (“Turnbridge”). Financial terms of the transaction were not disclosed.
“Clearlake is pleased with this important transaction and the strategic fit between Brigade and our well servicing division”
“We look forward to working with Brigade to ensure a smooth transition and make certain safety and quality of service remain priorities for all of our customers through the transition period,” said Troy Botts and Pat Bond, Co-CEOs of GlobeLTR. “This transaction represents a significant strategic initiative for our Company and GlobeLTR’s other operations and product lines will not be affected by this transaction,” they added.
“Clearlake is pleased with this important transaction and the strategic fit between Brigade and our well servicing division,” said José E. Feliciano, Chairman of GlobeLTR, and Co-Founder and Managing Partner of Clearlake. “This transaction facilitates GlobeLTR’s increased focus on its core midstream water logistics and pre-frac solutions as well as power generation services for E&P clients operating in the Permian and other target basins.”
Parks Paton Hoepfl & Brown, LLC acted as financial advisor to Clearlake and GlobeLTR.
GlobeLTR is a growth-oriented, Permian-focused provider of a wide range of oilfield services to U.S. onshore oil and natural gas exploration and production companies, including water logistics and infrastructure solutions, portable power generation and equipment rentals and specialty production chemicals. The Company has significant coverage density in the Permian Basin, and also benefits from a national footprint supported by facilities, operations and management personnel in several key domestic resource plays, including the Eagle Ford Shale, SCOOP/STACK, Williston Basin, DJ Basin, Marcellus Shale and Haynesville Shale, among others.
Brigade is a growing energy solutions company focused on raising the well servicing industry bar on safety, integrity, performance and customer service. We are based in Denver, Colorado, with operations in the major resource plays of Montana, North Dakota, Wyoming, Colorado, Oklahoma, and Texas.
Clearlake is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake currently has over $3.5 billion of assets under management and its senior investment principals have led or co-led over 90 investments.
Turnbridge is an energy-focused private equity firm with offices in Dallas and Houston, Texas. The firm typically invests alongside experienced management teams in companies that provide products and services to the upstream, midstream, downstream, and other energy-related infrastructure segments.