Glencoe Capital‘s Michigan Opportunities Fund has backed Arrow Energy Services, Inc., a national oil field services company based in Kalkaska, Mich. Specifics of the investment were not disclosed.
Glencoe Capital’s Michigan Opportunities Fund has closed the acquisition of an equity investment in Arrow Energy Services, Inc., a national oil field services company based in Michigan.
“We believe America’s gas and oil production will continue to grow well into the 21st century,” said David Evans, Glencoe Capital’s Chairman. “As a value-added provider of key energy and oil field services, Arrow is uniquely positioned to benefit from these energy trends nationwide.”
Headquartered in Kalkaska, Mich., Arrow Energy has been in operation for more than nine years and serves customers in the Midwest and Northeastern United States. A large portion of the company’s well servicing operations take place in Michigan, and a majority of Arrow Energy’s 90 employees are based in the state.
“We are proud to invest in Michigan-based businesses,” said Jason Duzan, Managing Director of Glencoe Capital. “Arrow has developed strong customer and employee relationships in Michigan, and across the eastern United States. Employees take pride in their work which has resulted in a long history of successful projects, generating excellent customer relationships.”
“The acquisition is a smart move for both Arrow and Glencoe,” said Nathan Conway, Arrow Energy’s Chief Executive Officer. “Glencoe’s investment provides the capital, financial, and business expertise necessary to continue accelerating business and driving growth.”
Glencoe Capital’s investment in Arrow Energy is the eighth by its Michigan Opportunities Fund. Other companies in the Fund’s portfolio include Encore Rehabilitation Services, a Farmington Hills-based rehabilitation therapy company; Campbell Grinder, a Spring-Lake, Mich. based designer and manufacturer of high-precision grinding machines; Flatout, a Saline, Mich. based producer of flatbread for retail stores; NOVO 1, a provider of inbound call center solutions with a facility in Holland, Mich.; Moosejaw, a leading multi-channel retailer of premium quality outdoor apparel and equipment based in Madison Heights, Mich.; Budco, a business processing outsourcing company based in Highland Park, Mich.; and American Education Group, an operator of pre-K through grade 12 schools for specialized learning, headquartered in Grand Rapids, Mich.
ABOUT GLENCOE CAPITAL
Founded in 1993, Glencoe Capital is a private equity firm with offices in Chicago, IL and Birmingham, MI. The firm manages more than $650 million of committed capital and has completed over 35 acquisitions representing more than $1.5 billion in transaction value across its family of four private equity funds. Glencoe Capital specializes in lead-sponsored acquisitions and growth equity investments in lower-middle market companies with EBITDA between $3 million and $15 million.
Glencoe Capital and its Executive Network focus on transformative initiatives that enable Glencoe’s portfolio companies to grow revenue and increase profitability.
Glencoe Capital is currently investing from its Michigan Opportunities Fund, L.P., a $153 million private equity fund. The Fund invests across a range of industries in companies that have a material employee base within Michigan or that have the prospect of expanding into the state.
Glencoe Capital LLC is a relying adviser of Glencoe Limited, LLC, which is a registered investment advisor with the Securities and Exchange Commission.