U.S. energy-focused private equity firm Lime Rock Partners has invested $300 million in Canadian oil and gas company Imaginea Energy Corp, reports The Wall Street Journal.
The president and CEO of the newly-formed Imaginea is Suzanne West, the report said. West is the former head of Black Shire Energy Inc, which in November 2013 was acquired by Twin Butte Energy Ltd for $358 million, including debt.
Lime Rock was also an investor in Black Shire, and with the acquisition’s closing took a minority position in Twin Butte, an intermediate oil producer with headquarters in Calgary. The Texas-based PE firm’s other Canadian portfolio companies include Laricina Energy Ltd, which Lime Rock has backed alongside the Canada Pension Plan Investment Board.
West told the Calgary Herald late last year about her plans to launch the Calgary-based Imaginea, which will focus on more environmentally sustainable energy practices.
Oil and gas transactions accounted for 12% of total private equity deal volume in Canada in 2013, as well as 14% of disclosed values, according to data provided by Thomson Reuters.
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