PE-backed Light Tower Rentals seeks buyer, sale may fetch $700 mln - Reuters
Light 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 with peHUB Canada in June 2013.
