Glencoe Capital’s Michigan Opportunities Fund has closed the acquisition of an equity investment in Arrow Energy Services, an oil field services company based in Michigan. Glencoe Capital’s investment in Arrow Energy is the eighth by its Michigan Opportunities Fund.
“We believe America’s gas and oil production will continue to grow well into the 21st century,” said David Evans, Glencoe Capital’s Chairman. “As a value-added provider of key energy and oil field services, Arrow is uniquely positioned to benefit from these energy trends nationwide.”
Arrow Energy has been in operation for more than nine years and serves customers in the Midwest and Northeastern United States. A large portion of the company’s well-servicing operations take place in Michigan, and a majority of Arrow Energy’s 90 employees are based in the state. The company is headquartered in Kalkaska, MI (www.arrowenergyservices.com).
“We are proud to invest in Michigan-based businesses,” said Jason Duzan, Managing Director of Glencoe Capital. “Arrow has developed strong customer and employee relationships in Michigan, and across the eastern United States. Employees take pride in their work which has resulted in a long history of successful projects, generating excellent customer relationships.”
Glencoe Capital specializes in lead-sponsored acquisitions and growth equity investments in lower-middle market companies with EBITDA between $3 million and $15 million. The firm manages more than $650 million of committed capital and has completed over 30 acquisitions representing more than $1 billion in transaction value across its family of four private equity funds. The Michigan Opportunities Fund is a $153 million private equity fund that invests in lower middle market companies that conduct a material portion of their business in the State of Michigan or in companies located outside Michigan that demonstrate a viable strategy for expanding business operations into the state. Founded in 1993, Glencoe Capital has offices in Chicago, IL and in Birmingham, MI (www.glencap.com).
“The acquisition is a smart move for both Arrow and Glencoe,” said Nathan Conway, Arrow Energy’s Chief Executive Officer. “Glencoe’s investment provides the capital, financial, and business expertise necessary to continue accelerating business and driving growth.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-11-13