Riverstone Holdings LLC is making ready to promote oilfield companies gear firm Abaco Energy Technologies, which may fetch about $900 million, in response to individuals with information of the matter.
The personal fairness agency is working with an adviser to run an public sale for the Houston-based firm, mentioned the individuals, who requested to not be recognized as a result of they weren’t approved to talk publicly. Abaco is drawing curiosity from different personal fairness companies, they mentioned.
A consultant for Riverstone declined to remark whereas representatives for Abaco didn’t reply to requests for remark.
Abaco makes, designs and companies elements used for powering so-called mud motors, the part of an oil and gasoline effectively drilling system that rotates the drill bit far underground.
Riverstone dedicated to speculate $200 million within the firm when it was based in 2013 with the objective of buying vitality manufacturing and companies companies, in response to a press launch on the time. Abaco agreed to amass drilling-equipment maker Basin Tools Inc. a yr later, in response to an announcement.
Abaco CEO Ken Babcock beforehand labored for Titan Specialties Ltd. and International Logging Inc., two different firms that Riverstone beforehand owned.
Abaco ought to profit from elevated demand over the following 18 months from oil and gasoline explorers, in response to a analysis observe this week from Moody’s Investors Service Inc., which upgraded its credit standing.
While the corporate has a small income base, it’s “competitively positioned inside its area of interest market,” Moody’s mentioned.
Riverstone, which has workplaces in New York, London, Houston and Mexico City, has raised $38 billion for vitality investments because it was based in 2000 by David M. Leuschen and Pierre F. Lapeyre Jr., in response to its web site.
p.p1 p.p2 span.s1
The agency raised $four.2 billion for its most up-to-date buyout fund, which closed in 2015, in response to knowledge compiled by Bloomberg.
p.p1 p.p2 p.p3 p.p4 p.p5 span.s1 span.s2 span.s3
Please go away feedback and suggestions under