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Warburg Adds On to Rubicon

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top-co-nf1Rubicon Oilfield International, a portfolio company of Warburg Pincus, has acquired Top-Co, a maker of tools and equipment used in the oil and gas production industry.

topco-nf22Top-Co was founded in 1963 and has facilities in Edmonton, Houston, and Tianjin. The company’s products include oilfield casing, cementing and completion equipment. Phil Vogel is the President and CEO of Top-Co (www.top-co.us). “I am very excited by the opportunities this transaction will create for the employees and customers of Top-Co,” said Mr. Vogel. “Rubicon’s global presence, commitment to customer service and robust balance sheet will create a platform for even faster growth of Top-Co branded products.”

In December 2015 Warburg provided Rubicon a $300 million equity line of credit to acquire oilfield products and equipment companies. Warburg’s strategy is to build a best-in-class global enterprise in the oilfield products and equipment sector both through acquisition and internal growth.  Michael Reeves is the President and CEO of Rubicon.

In May 2016, Rubicon acquired Dubai-based Tercel Oilfield Products, a maker of drilling and well construction products. Rubicon has also acquired Cauldron Oil Tools and WaalKing Ltd., two boutique technologies companies providing proprietary downhole drilling technologies. More recently, Rubicon acquired Calgary-based Logan International in October 2016. Logan manufactures and sells tools used in drilling and production activities. Products include fishing and intervention tools, diamond compact cutters and bearings, packers, and bridge plugs.

rubicon-nf1With these acquisitions completed, Rubicon now designs, manufactures, sells and rents oilfield products in every major oilfield market around the globe.  Products include drills, reamers, hole openers, stabilizers, shock tools, bits, down hole motors, and accelerators. Rubicon is headquartered in Houston (www.rubicon-oilfield.com).

warburg pincus nf1Warburg Pincus has more than $40 billion in assets under management and has raised 15 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).

© 2016 Private Equity Professional • 11-15-16

Ironwood Invests in SAFE Security

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safe-security-nf1Ironwood Capital has made an investment in SAFE Security, a provider of alarm monitoring services. OFS Capital Corporation was a co-investor in this transaction alongside Ironwood Capital.

SAFE provides alarm monitoring and related services to over 100,000 customers in all 50 states, Puerto Rico and Canada. The company – led by Chief Executive Officer Paul Sargenti – was founded in 1988 and is headquartered near San Francisco in San Ramon, CA (www.safesecurity.com). The company consistently ranks among the top 25 largest security alarm companies in the United States.

carolyn-galiette-nf1“Our extensive experience in the security alarm industry, combined with the quality of management, makes SAFE a good fit for us,” said Carolyn Galiette, President and Chief Investment Officer at Ironwood Capital.

ironwood capital nf1Ironwood Capital provides non-control growth capital to middle market companies. Investments take the form of subordinated debt and preferred stock in amounts ranging from $5 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. Ironwood Capital has more than 20 professionals and is headquartered in Avon, CT (www.ironwoodcap.com).

“SAFE’s established customer base, organic growth engine, growing dealer program and strong relationships with independent dealers is impressive. We like the team, we like their growth plan and we like the business trajectory,” said Roger Roche, Ironwood Capital Senior Managing Director.

ofs-nf33OFS Capital (NASDAQ: OFS) is a business development company that invests from $3 million to $20 million of debt and minority equity in middle-market companies that have EBITDA of at least $3 million. Sectors of interest includes transportation & logistics; value-added distribution; business services; industrial & niche manufacturing; specialty chemicals; health care services; consumer products & services; aerospace & defense; franchising; and food & beverage. OFS has offices in Chicago, Los Angeles and New York (www.ofscapital.com).

Peter Flynn of specialty consulting firm SPP Advisors (www.sppadvisors.com) represented SAFE in the transaction.

© 2016 Private Equity Professional • 10-28-16

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