Investment affiliates of J.F. Lehman & Company have purchased a majority stake in Sprint Energy Services, according to a statement. The financial details of the transaction were not disclosed.
The middle-market private equity firm, which focuses on the maritime, defense and aerospace sectors, added Sprint to its portfolio that includes National Response Corporation, an environmental and maritime services provider.
“The combination of their sponsorship and experience with Sprint's comprehensive service offering and outstanding employees strengthens the Company's position to address substantial opportunity in our core end-markets,” Sprint chief executive officer Chris Swinbank said in the statement.
The Houston-based energy services company currently has eight regional offices in three U.S. shale basins and about 200 employees. It provides services and rental equipment for waste management and environmental and safety solutions.
JFLCO currently manages two funds and $910 million (£576.98 million; €798.74 million) in assets, according to PEI's Research & Analytics division. It was founded in 1992 by Dr. John F. Lehman, who served as secretary for the US Navy.
It closed its third fund, JF Lehman Equity Investors III, on $575.5 million, surpassing its $450 million target.
JFLCO received legal counseling from Jones Day and IBERIABANK provided the debt financing for this deal.