IronGate Energy Services, a provider of rental and tubular services to oil and natural gas exploration and production operators in North America, has acquired Green Light Energy Services, a provider of rental services to exploration and production operators in the Williston Basin of North Dakota. IronGate was acquired by Clearlake Capital Group in the second quarter of 2013.
IronGate Energy Services, a leading provider of rental and tubular services to oil and natural gas exploration and production operators in North America, today announced that is has acquired Green Light Energy Services, a provider of rental services to exploration and production operators in the Williston Basin of North Dakota. Green Light’s rental services provide work string components and also pressure control, completion, and production related equipment and services.
The acquisition expands IronGate’s geographic footprint by providing immediate entry into the Williston Basin, the second largest oil producing region in the U.S., and significantly expands the Company’s work string rental and completions related business. IronGate was acquired by Clearlake Capital Group in the second quarter of 2013.
“We are pleased with the strategic, add on acquisition of Green Light, as it is highly complementary to IronGate. We look forward to creating a strong North Dakota presence through the Green Light acquisition and establishing a truly national footprint as we execute on the growth plan of the combined business,” said Terry Keane, President and CEO of IronGate.
David Mannon Joins Board
IronGate also announced today that industry veteran David Mannon has joined the Company’s board of directors. Mannon, 55, has more than 30 years of experience in the U.S. and international oil and gas industry, most recently as president, CEO and a director of Parker Drilling Company (NYSE: PKD). Prior to that, Mannon was president of Triton Engineering Services Company, a subsidiary of Noble Corporation (NYSE: NE), which he joined in 1988 as a drilling engineer. Mannon began his career at SEDCO-FOREX. He holds a BS degree in Civil Engineering from Southern Methodist University and an MBA from the University of Houston.
“The North America oil and gas industry is an exciting, dynamic sector with evolving opportunities and challenges. I look forward to working with the company and its dedicated employees as IronGate continues to grow while satisfying customer needs and challenges with the highest quality equipment and services,” said Mannon.
José E. Feliciano, a founding partner at Clearlake and chairman of the IronGate board said, “The acquisition of Green Light represents an exciting opportunity to expand IronGate’s operations into a very important unconventional basin while strengthening IronGate’s service offerings for completion and production services. In addition, IronGate’s ability to attract a well-respected industry leader like Dave Mannon known for his vision underscores the strength of this growing company and the vast opportunities that lie ahead,” added Mr. Feliciano”
Houlihan Lokey acted as the exclusive financial advisor to Green Light Energy Services. Vinson & Elkins served as legal advisor to IronGate.
About IronGate Energy Services
IronGate Energy Services, previously the North American Rental and Tubular Services divisions of Archer Limited, is a leading provider of Rental and Tubular Services to E&P operators in North America. IronGate’s Rental Services division provides equipment used for drilling and production applications such as drill pipe, heavy-weight drill pipe, drill collars, work strings, and handling tools as well as surface pressure control equipment such as blow-out-preventors, choke manifolds, spools and diverter systems. The Tubular Services division provides a comprehensive suite of casing and tubing running services, tubular pickup and laydown services, and other tubular services. Through its predecessors, IronGate has a successful track record of providing customers with high quality equipment and superior customer service. IronGate was acquired by affiliates of Clearlake Capital Group, L.P. in June 2013.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake’s founding principals have led over 70 investments totaling more than $3 billion of capital in sectors including energy/power, industrials, business services, communication, media, and technology.