Ironwood Capital has completed a subordinated debt and equity investment in Professional Rental Tools, a provider of stabilization and support equipment for oil and gas companies operating in the Gulf of Mexico. Ironwood partnered with New Orleans-based LongueVue Capital to complete the transaction.
“We’re pleased to provide capital to support PRT’s continuing growth. The company’s reputation for excellent service, growing fleet of specialized equipment and strong safety record have positioned it as a leader in the global offshore service industry,” said Roger Roche, senior managing director of Ironwood Capital.
Professional Rental Tools (PRT) offers a line of deepwater intervention equipment and experienced service teams ready for deployment. It also provides rental tools for drilling, completion and workover applications. The company’s client base includes major and supermajor oil and gas operators and top-tier service companies operating in the Gulf of Mexico. PRT is headquartered in Lafayette, LA, and has additional offices in the Texas cities of Houma, Houston, and Corpus Christi (www.prorentaltools.com).
“The PRT team has built a multi-faceted business with significant potential for continued growth,” said Carolyn Galiette, senior managing director of Ironwood Capital. “We’re pleased to partner with management and LongueVue Capital on this investment and to be part of PRT’s future.”
Ironwood Capital has over $500 million of capital under management and 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 employs over 20 professionals most of whom are in the firm’s Avon, CT headquarters and traces its roots to its formation in 1986 as a subsidiary of Aetna (www.ironwoodcap.com).
LongueVue Capital makes equity and debt investments in lower middle market companies that have up to $100 million of revenue. Sectors of interest include manufacturing, business services, energy services, and third party logistics. The firm was founded in 2001 and is based in New Orleans with additional offices in New York and Salt Lake City (www.lvcpartners.com)
© 2015 PEPD • Private Equity’s Leading News Magazine • 6-23-15