ECP related stories
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JC Flowers adds managing director from CD&REric Rahe has joined the private investment firm’s New York office.
- New York teachers' pension commits $25 mln to CapStreet IV
New York State Teachers’ Retirement System has committed up to $25 million to CapStreet Group LLC’s CapStreet IV LP, which has already raised more than its predecessor fund for lower-middle-market deals in Texas and the Sunbelt states.
Platinum Equity to make 5x its money on NescoPlatinum Equity is exiting Nesco after two years.
PE-backed Light Tower Rentals seeks buyer, sale may fetch $700 mln - ReutersLight Tower Rentals Inc, which provides rental equipment and services to the oil field industry, is exploring a sale that may fetch around US$700 million, people familiar with the matter told Reuters. The privately-held company, known as LTR, is working with RBC Capital Markets to find a buyer. The Odessa, Texas-based LTR was founded in 1994 as a company renting lighting equipment for use at oilfield job sites. In 2008, the company took on Canadian mid-market private equity firms Clairvest Group Inc and McKenna Gale Capital as investors to fund expansion. Clairvest reported originally investing C$23.6 million in LTR in 2008. The firm's co-CEO Jeff Parr discussed the portfolio company and its sector context in an interview /canada/2013/06/10/clairvest-long-distance-runner/ with peHUB Canada in June 2013.
- Platinum Equity to make 5x its money on Nesco
Nesco was a very good deal for Platinum Equity, peHUB reported.
- Platinum Equity exits NESCO
Platinum Equity said Thursday that it has completed its sale of NESCO to Energy Capital Partners. No financial terms were disclosed. Morgan Stanley and Harris Williams advised Platinum on the transaction. Based in Fort Wayne, Indiana, NESCO is a provider of fleet equipment rental, sales and services for the North American electrical transmission and distribution market.
- Summit Investments buys stake in Ohio natural gas operation
Summit Investments, formed by Energy Capital Partners in 2009, has acquired a stake in Ohio Gathering Company and Ohio Condensate Company for an undisclosed amount. Summit bought the stake from Blackhawk Midstream, a joint venture between Gulfport Energy Corporation and Wexford Capital. Barclays Capital worked as financial advisor to Summit Investments on the transaction.
- Energy Capital Partners buys RSG from RSI
Richland-Stryker Investment has sold Richland-Stryker Generation to Energy Capital Partners. No financial terms were disclosed. Also included in the sale are two peaking power plants in Ohio. JP Morgan served as RSI's financial advisor on the transaction. RSI is owned by QID, Starwood Energy Group Global LLC, BlackRock, Frist Capital LLC, Gordy Gas Corp. and Post Oak Energy Capital, L.P.
- Energy Capital hits $800m hard-cap for mezz fund(2)
The firm’s debut energy mezzanine fund had a $500m target and invests in energy companies similar to those in Energy Capital’s two private equity funds.
- Summit Investments agrees to buy Blackhawk's stake in Ohio Gathering
Summit Investments said Friday that it has inked an agreement with Blackhawk to acquire its stake in Ohio Gathering. No financial terms were disclosed. Barclays Capital advised Summit on the deal. Ohio Gathering owns and operates "significant" midstream infrastructure in southeastern Ohio. The transaction is expected to close by January 31, 2014.