Wynnchurch Capital has promoted Brian Crumbaugh, Greg Gleason, Neel Mayenkar and Michael Teplitsky to managing director. Prior to joining Wynnchurch, Crumbaugh worked at ShoreView Industries and Piper Jaffray while Gleason was at Houlihan Lokey and Bank of America. Mayenkar’s work background includes positions at Houlihan Lokey and at PricewaterhouseCoopers and Teplitsky’s resume has stints at Lime Rock Partners and at UBS Investment Bank.Continue
Newly-formed Tulsa-based oil and gas firm Capstone II has secured a $100 million commitment led by Lime Rock Partners. The other backers were Wells Fargo Energy Capital and members of Capstone’s management. Capstone II will focus on the central basin platform in West Texas.Continue
Houston-based Battlecat Oil & Gas has raised up to $220 million in funding. The investors include Lime Rock Partners and Wells Fargo Energy Capital. Battlecat focuses on gas exploration and production opportunities in the South Texas region.Continue
First Reserve portfolio company Mountaineer Keystone has closed its buy of PDC Mountaineer, a Marcellus joint venture between PDC Energy and Lime Rock Partners. The price of the acquisition was $500 million.Continue
U.S. oil and natural gas company Vantage Energy Inc said it has postponed its initial public offering of common shares, citing unfavorable market conditions.Continue
Oil and gas company Vantage Energy Inc filed with U.S. regulators on Monday to raise about $400 million in an initial public offering of common stock, Reuters reported.Continue
Good morning Hub Readers. Click through for some of the latest news updates from the weekend before the busy week starts.Continue
Energy-focused buyout firm Tenaska Capital Management LLC is preparing to raise its third fund, Buyouts magazine is reporting.Continue
Itron, a provider of energy and water resource management solutions is to acquire Jackson, Mississippi-based SmartSynch in a $100 million transaction. SmartSynch is a provider of point-to-point smart grid solutions that use a cellular network for communications. Backers of the company include Kinetic Ventures, JP Morgan, Endeavor Capital Management, Nth Power, GulfSouth Capital, Siemens Venture […]Continue
The California Public Employees’ Retirement System is, as everybody knows, the nation’s largest public pension fund with $233.6 billion of assets as of March 31 (the latest figure available, reported today). It also has one of the industry’s largest portfolios of private equity investments; its $33.2 billion Alternative Investment Management program represents 14.2% of its total assets.
We thought it would be interesting to find some of the system’s top-ranking funds, which it reports on its Web site. The list that follows is current through Sept. 30. Sponsors report mark-to-market values on their portfolios quarterly, and they have 120 days to provide the information to their investors, so there is a two-quarter lag before CalPERS reports individual fund performance to the public.
This slide show is a countdown, presented ranked by investment multiple. (As a point of comparison, when sister publication Buyouts Magazine did its annual ranking of fund performance last fall, based on reports from multiple sponsors, we found that it required a 2.0 investment multiple to crack the top quartile.) We had one tie, at No. 8. There we ranked T3 Partners II LP higher than CVC European Equity Partners III LP because of its larger IRR.Continue
Lime Rock Resources has acquired oil and gas interests in Oklahoma’s West Edmund Hunton Lime Unit, for $100 million.Continue
Lime Rock Partners has invested NOK 50 million ($8.45m) into Reelwell, a Norway-based developer of wellbore cleaning and pressure control tech solutions for drilling.Continue
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Moody’s Investors Service. This week three companies were a mix: one bankruptcy, one downgrade, and one outlook imrovement.
Company: Electrical Components International
Sponsor: Francisco Partners
Action: Moody’s lowered the company’s probability of default rating and the corporate family rating to Ca from Caa3 following its filing for protection under Chapter 11 of the US Bankruptcy Code on March 30, 2010.
Highlight: The last rating action was on January 6, 2009 at which time Moody’s downgraded ECI’s corporate family rating to Caa3 from Caa2.
Lime Rock Resources has made two acquisitions: The Potato Hills natural gas field in southeast Oklahoma, and interests in wellbores in the Texas Gulf Coast region adjoining its existing New Years Ridge property. The combined deals were worth $113 million.Continue
Lime Rock Partners has invested $25 million in Expert Petroleum SA, a Romanian rehabilitator of mature oil and gas fields.Continue
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from Standard & Poor’s Ratings Services and Moody’s Investors Service. This week was relatively slow, with the big news coming from the largest LBO of all time, KKR and TPG’s buyout of TXU (now known as Energy Future Holdings).
The Texas-based energy giant proposed a distressed debt exchange which will reduce its obscene debt load from $44 billion to $42 billion. Naturally the move warranted a downgrade from both Moody’s and S&P. Moody’s expressed concerns over “looming maturities” on around $23 billion of debt in 2014, which it said will need to be addressed before 2013. Meanwhile, carbon and mercury legislation threatens the company’s “coal-fired margins,” Moody’s wrote. Read more on the mega-buyout’s financial situation below.Continue