Black Bay Energy Capital raises $224 mln for maiden fund

Black Bay Energy Capital, an energy-focused private equity firm, has closed its inaugural fund at $224 million, beating its $200 million target. Black Bay Energy LP’s investors include endowments, foundations, private pensions, fund of funds and family offices. Probitas Partners was the placement agent while Gibson Dunn & Crutcher LLP served as legal counsel.

PRESS RELEASE

NEW ORLEANS–(BUSINESS WIRE)–Black Bay Energy Capital, LLC (“Black Bay”) is pleased to announce the final closing of its inaugural private equity fund, Black Bay Energy, L.P. (the “Fund”), with total commitments of $224 million, exceeding its $200 million target. Black Bay’s investors include endowments, foundations, private pensions, fund of funds and family offices. Black Bay invests in companies led by talented entrepreneurs offering proven, next-generation products and services that help improve the economics, efficiency and safety of oilfield operations. Black Bay focuses on investments requiring up to $30 million of equity capital.

“We are incredibly thankful and humbled to be partnered with such a knowledgeable and supportive group of investors in the Fund,” said Michael LeBourgeois, Managing Partner at Black Bay. “The Black Bay team is dedicated to being a true strategic partner to our portfolio company management teams, utilizing our deep industry relationships and experience to help create value for all stakeholders.”

“With the final closing of the Fund, Black Bay is excited to be solely focused on partnering with experienced management teams building best-in-class oilfield service and equipment companies,” said Guy Cook, Partner at Black Bay. Tom Ambrose, Partner at Black Bay added, “Black Bay has already invested with six management teams; these companies are experiencing rapid growth because their product and service offerings improve the efficiency and cost-profile of oil & gas producers’ operations.” Other founding members of the Black Bay team include Matt Schovee, Senior Associate, and Julie Isacks, Chief Financial Officer.

Probitas Partners served as Black Bay’s exclusive placement agent and Gibson Dunn & Crutcher, LLP served as legal counsel.

About Black Bay Energy Capital
Black Bay Energy Capital is an energy private equity firm investing in the North American oilfield service sector. Leveraging more than 60 years of direct industry experience, Black Bay partners with high-growth companies and experienced management teams with innovative, next-generation products, services and technology solutions that drive value and enhanced efficiency for customers in the oil & gas industry. The firm is investing out of its $224 million fund, Black Bay Energy, L.P.
www.blackbayenergy.com