Intervale Raises $495M For Third Energy Fund

Feb 25 2014 | 8:39am ET

Intervale Capital, an energy-focused private equity firm, has closed its third buyout fund with capital commitments of $495 million.

The firm said it raised the money for the Intervale Capital Fund III in under five months and handily beat its $400 million target.

Fund III brings the cumulative funds raised by Intervale to $1.2 billion, including $281 million for its first fund in 2008 and $376 million for its second fund in 2012.

Helming the new fund are Intervale partners Charles Cherington and Erich Horsley, who have executed more than 30 OFS transactions together since 2006. Said Cherington in a statement: "We appreciate our investors' continued support.  Intervale's focus on the oilfield should continue to yield attractive opportunities."

Like its predecessors, the latest Intervale fund will focus on “privately negotiated, control investments” in lower mid-market companies in the oilfield services industry, predominantly in North America and Europe. In addition to investing in existing operating companies, Intervale will seek opportunities to back experienced management teams in the start-up and formation of new OFS companies.

Intervale's current portfolio companies include Proserv Group (offshore and subsea equipment and services), TEAM Oil Tools (completions equipment and services), Allied Oil & Gas Services (cementing and acidizing services), Aegis Chemical Solutions (production chemicals and water treatment) and Certus Energy Solutions (diversified oilfield rental equipment).

Credit Suisse Securities (USA) served as Intervale's placement agent and Choate Hall & Stewart provided legal counsel.

Intervale Capital has offices in Boston and Houston.


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