Pine Brook has provided $100 million to newly launched Cahill Services LLC. Based in Houston, Cahill will provide specialty rental services to the oil and gas, refining, industrial, petrochemicals, utilities and related sectors.
NEW YORK—July 30, 2015—Pine Brook, an investment firm focused on building businesses in the energy and financial services sectors, today announced a $100 million line of equity investment in Cahill Services, LLC (“Cahill” or “the Company”). Headquartered in Houston, Texas, Cahill will provide specialty rental services to customers in the oil & gas, refining, industrial, petrochemicals, utilities and related industries where a high level of technical knowledge of the business and customer needs is required.
Cahill’s management team is focused on acquiring existing specialty rental services companies, and integrating them into a unified platform for growth. The company is actively evaluating a number of potential acquisitions.
Cahill is led by a seasoned management team, with George Walker serving as CEO. Walker previously spent 27 years working for specialty rental company Aggreko, most recently serving as President of the North America region and Executive Director of the Aggreko Board. Joining Walker at Cahill are industry veterans Derek Foster, who will serve as Cahill’s CFO and Keith Sanner, who will be Vice President of Business Development. Foster also worked at Aggreko, most recently as Senior Vice President of Finance for Aggreko Americas where he oversaw the finance and M&A activities for the region. Sanner, who also worked at Aggreko for more than 25 years, has over 32 years of experience in the industrial service and maritime sectors dealing with all facets of business including sales management, operations management and senior management.
“We’re very excited to partner with George and his team to leverage their extensive experience to build a strong specialty rental business,” said Rich Aube, managing director and head of Pine Brook’s energy investment team. “Our strong experience building services businesses to scale in order to serve the needs of customers operating nationwide make us a great partner for Cahill.”
“We’re very pleased to be working with Pine Brook as we leverage our combined experience to build Cahill into a successful business,” said Walker. “Pine Brook’s deep roots in the energy sector, coupled with the firm’s sophisticated understanding of the financial services and lending markets bring us a unique set of intellectual capital as we execute our business plan.”
Last year, Pine Brook announced the final closing of its second fund, Pine Brook Capital Partners II, L.P., with total capital commitments of $2.43 billion. Similar to the firm’s debut fund, Fund II targets investments in new and growing companies in the financial services and energy sectors. Pine Brook typically finances these businesses with equity rather than debt, and often uses a line of equity funding structure in which a multi-year business plan is matched with a long-term capital arrangement.
About Pine Brook
Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses. Pine Brook’s team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. For more information about Pine Brook, please visit the company’s web site at www.pinebrookpartners.com.