Intervale Capital has closed Intervale Capital Fund III. Fund III has surpassed its target of $400 million with capital commitments of $495 million raised in less than five months.
Intervale Capital (“Intervale”), an energy-focused private equity firm with offices in Cambridge, Massachusetts and Houston, Texas, today announced the closing of Intervale Capital Fund III, L.P. (“Fund III”). With capital commitments of $495 million raised in less than five months, Fund III surpassed its target of $400 million. Fund III brings the cumulative funds raised by Intervale to $1.2 billion, including $281 million for its first fund in 2008 and $376 million for its second fund in 2012.
Fund III will employ the approach developed in Intervale’s first two funds of executing privately negotiated, control investments in lower middle-market companies in the oilfield services industry (the “OFS” industry), located predominantly in North America and Europe. In addition to investing in existing operating companies, Intervale will seek opportunities to back experienced management teams in the start-up and formation of new OFS companies.
Fund III is led by partners Charles Cherington and Erich Horsley, who have executed more than 30 OFS transactions together since 2006. Charles Cherington commented, “We appreciate our investors’ continued support. Intervale’s focus on the oilfield should continue to yield attractive opportunities.” Erich Horsley added, “We look forward to partnering with first-class management teams to create value for our investors.”
Credit Suisse Securities (USA) LLC, served as Intervale’s placement agent and Choate Hall & Stewart, LLP provided legal counsel.
Current Intervale portfolio companies include Proserv Group (offshore and subsea equipment and services), TEAM Oil Tools (completions equipment and services), Allied Oil & Gas Services (cementing and acidizing services), Aegis Chemical Solutions (production chemicals and water treatment), Certus Energy Solutions (diversified oilfield rental equipment), Epic Lift Systems (artificial lift), Tier 1 Energy Solutions (Canadian wireline and completions), Energes Oilfield Services (well flow control, water transfer and safety services) and Antelope Oil Tool (casing and cementing products).
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Boston and Houston. Intervale invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised $1.2 billion of committed capital since its inception in 2006 and is currently investing from its third fund.