Energy-focused private equity firm Intervale Capital has closed Intervale Capital Fund III, LP with capital commitments of $495 million. The new fund was raised in less than five months and surpassed its target of $400 million.
Fund III will make control investments in lower middle-market companies in the oilfield services industry (the “OFS” industry), located predominantly in North America and Europe.
Intervale is led by partners Charles Cherington and Erich Horsley, who have executed more than 30 OFS transactions together since 2006. Fund III brings the cumulative funds raised by Intervale to just over $1.1 billion, including $281 million for its first fund in 2008 and $376 million for its second fund in 2012. “We appreciate our investors’ continued support. Intervale’s focus on the oilfield should continue to yield attractive opportunities,” said Mr. Cherington.
In addition to investing in existing operating companies, Intervale will seek opportunities to back experienced management teams in the start-up and formation of new OFS companies.
Current Intervale portfolio companies include Proserv Group (offshore and subsea equipment and services), TEAM Oil Tools (completions equipment and services), Allied Oil & Gas Services (cementing and acidizing services), Aegis Chemical Solutions (production chemicals and water treatment), Certus Energy Solutions (diversified oilfield rental equipment), Epic Lift Systems (artificial lift), Tier 1 Energy Solutions (Canadian wireline and completions), Energes Oilfield Services (well flow control, water transfer and safety services) and Antelope Oil Tool (casing and cementing products).
Intervale was founded in 2006 and is headquartered in Boston (Cambridge) with an additional office in Houston (www.intervalecapital.com).
Credit Suisse Securities (USA) served as Intervale’s placement agent and Choate Hall & Stewart provided legal counsel.
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-25-14