OFS Energy, investors create holding company, pool about $50M for buyout

Regulatory filings this week showed that a Houston private equity firm and other investors have formed an intermediate holding company, Houston-based RDT Holdco LLC, and pooled $49.7 million in connection with buying 80 percent of a Texas drilling tools company.

Regulatory filings this week showed that a Houston private equity firm and other investors have formed an intermediate holding company, Houston-based RDT Holdco LLC, and pooled $49.7 million in connection with buying 80 percent of a Texas drilling tools company.

Houston-based private equity firm OFS Energy Fund II and other investors earlier this month acquired Beasley, Texas-based Rotary Drilling Tools USA LP, which manufactures downhole drilling tools such as casing and tubing, from a Connecticut private equity fund, Wexford Capital LP.

In September, OFS Energy closed its second fund at $90 million. The $49.7 million equity pool was driven by five investors, including OFS Energy and two other private equity firms, to facilitate the Rotary Drilling Tools buyout, said Jared McMayon, a partner at OFS Energy.

McMayon said of the $90 million OFS Energy raised, the firm has invested about $40 million in four companies ? Rotary Drilling Tools was the most recent.

The firm since September has also made investments in Houston-based KW International LLC, Denver-based Buckhorn Energy Services LLC and Rock Springs, Wyo.-based Vision Oil Tools LLC.

?It?s kind of interesting that we had to fill out a Form D for that holding company ? it?s not a fund raise,? McMayon said. ?It?s how we legally put the deal together.?

Collin Eaton covers banking, finance and securities.

Source: http://feedproxy.google.com/~r/vertical_30/~3/H1wemm-dGdM/ofs-energy-investors-create-holding.html

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