Carlyle, Riverstone exit mud logging company

Two years after purchasing Houston-based International Logging, the private equity partners have sold their interest to Weatherford International, a publicly traded oil and gas drilling services company that counts T Boone Pickens among its shareholders.

The Carlyle Group and Riverstone Holdings, partners in private equity energy investments, have exited their investment of undisclosed size in International Logging.
 
International Logging is a Texas-based company that provides worldwide mud logging and related services. Mud logging involves “gathering critical surface and down-hole information including hydrocarbon gas analysis, geopressure data analysis, geological evaluation and well status monitoring”, according to a Carlyle/Riverstone statement issued at the time of investment in 2006.
 
The private equity firms sold their stake in the company to Weatherford International, a $24 billion (€16 billion) publicly traded oil and gas drilling services firm whose stockholders include billionaire Texas oilman and activist investor T Boone Pickens.
 
Terms of the deal with Carlyle and Riverstone were not disclosed.
 
The private equity firms had made the investment from their third joint fund, closed on $3.8 billion in 2006. They are currently raising the fourth Carlyle/Riverstone Global Energy and Power fund targeting $6 billion, according to the Probitas Partners 2008 Private Equity Deskbook.
 
Carlyle’s and Riverstone’s acquisition in International Logging was made along with mid-market oil field services private equity firm Cherington Capital. It is unclear if Cherington has divested its stake, as well.
 
Cherington’s founder, Charles Cherington, has gone on to found Intervale Capital with Curtis Huff, who had previously established a similar private equity firm, Freebird Partners. Intervale closed its debut fund on $280 million in June.