Sept. 10, 2012
/PRNewswire/ -- Intervale Capital, LLC ("Intervale") today announced the final closing of its second fund with capital commitments of
. Intervale Capital Fund II, L.P. and affiliates ("Fund II") exceeded its target of
and investor demand for the fund exceeded the
cap on limited partner commitments. Intervale raised
for its first fund in 2008 and recently completed its first two exits. Casedhole Solutions, Inc. was sold to C&J Energy Services, Inc. (NYSE: CJES) in
. Ulterra Drilling Technologies, L.P. was sold to ESCO Corporation in
Fund II will employ the approach developed in Intervale's first fund of executing privately negotiated, control investments in lower middle-market companies in the oilfield services and equipment industry (the "OFS" industry). Fund II will target companies located predominantly in
Intervale closed its first investment in Fund II in
with the purchase of Allied Oil & Gas Services, LLC. Allied is headquartered in
Fort Worth, Texas
with locations in
and West Virginia. The company provides well cementing and acidizing services to customers in the Permian Basin, Mid-Continent and Appalachian Basin regions.
Fund II's limited partners represent a diverse group of institutional investors, including university endowments, pensions, funds of funds, foundations, insurance companies and sovereign wealth funds. In addition to limited partner commitments of
, the Intervale team and affiliates committed
to Fund II.
Fund II is led by partners
, who have executed more than 15 OFS transactions together since 2006.
commented, "We are delighted to reach our hard cap in a difficult fundraising environment and we are eager to selectively deploy the new capital in attractive segments of the OFS space."
Credit Suisse Securities (
) LLC, served as Intervale's placement agent and
& Stewart, LLP provided legal counsel.
For further information, contact:
Christine Smoragiewicz, CFO
About Intervale Capital