Lime Rock Partners, the US private equity firm investing in the international energy market, has appointed Thomas Bates as a managing director in the firm’s Houston office, where he will be responsible for expanding the firm’s US portfolio.
Prior to joining Lime Rock, Bates served as president of the discovery group Baker Hughes. While at the firm, he was responsible for the integration of Western Atlas into Baker Hughes. Before that, he was president and CEO of Weatherford Enterra, before its acquisition by EVI in 1998.
Before that he spent 15 years with Schlumberger including five years as president of the Anadrill division. He began his career with Shell Oil and currently serves on the Board of Directors of vMonitor and Rotary Steerable Tools.
Lime Rock latest deals include the sale of its stake in IPEC, which garnered $34m in cash for the firm’s fund. In December, the company sold its investment in Sensa for $20m, having invested $9.6m in the business. The European investments on its books include French geophysical services group Compagnie Générale de Géophysique, Venture Production, a Scottish oil and gas producer and Roxar, an oil service company based in Oslo.
Lime Rock Partners was formed in 1998 by ex-Goldman Sachs analysts Jonathan Farber and John Reynolds. The firm invests in small companies operating in the global energy industry. The firm is currently investing from its first fund Lime Rock Partners I. This fund stands at $105m and so far $90m has been invested in 12 companies.