LTR distribution gives Clairvest over $100 mln, 3.1x its investment
Light Tower Rentals Inc, a portfolio company of Canadian private equity firm Clairvest Group, has completed an issue of US$330 million of senior secured notes. Proceeds were applied to the company's existing debt and provided for a shareholder distribution. Clairvest, which has backed Light Tower since 2008, received a distribution of US$100.3 million, which equates to 3.1x Clairvest’s investment. Clairvest realized 25 percent of this amount, or US$25.1 million on a pre-tax basis, and continues to maintain a majority stake in the company. Based in Odessa, Texas, Light Tower is a specialty rental and service company renting surface-based support equipment to the oil and gas industry.
21 July 2014•3 mins read
