M&A Deal Summary

Lime Rock Partners Acquires Rod and Tubing Services

On December 16, 2019, private equity firm Lime Rock Partners acquired energy services and equipment company Rod and Tubing Services from Bosworth Capital Partners and Ascent Equity Group

Acquisition Highlights
  • This is Lime Rock Partners’ 33rd transaction in the Energy Services and Equipment sector.
  • This is Lime Rock Partners’ 49th transaction in the United States.
  • This is Lime Rock Partners’ 29th transaction in Texas.

M&A Deal Summary

Date 2019-12-16
Target Rod and Tubing Services
Sector Energy Services and Equipment
Buyer(s) Lime Rock Partners
Sellers(s) Bosworth Capital Partners
Ascent Equity Group
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)

Target

Rod and Tubing Services

Dallas, Texas, United States
Rod and Tubing Services is an oil field production services business that provides comprehensive inspection, maintenance and replacement of downhole rod and tubing equipment for producing oil and gas wells. Rod and Tubing Services was founded in 1997 and is based in Dallas, Texas.

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Buyer(S) 1

Buyer

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.


DEAL STATS #
Overall 88 of 92
Sector (Energy Services and Equipment) 33 of 33
Type (Secondary Buyout) 1 of 1
State (Texas) 29 of 30
Country (United States) 49 of 51
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Revelation Energy

Milton, West Virginia, United States

Revelation Energy is a coal mining company focused on surface mining. Revelation Energy was founded in 2009 and is based in Milton, West Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-01 Augustus Energy Partners II

Billings, Montana, United States

Augustus Energy Partners II is an oil and gas producing company focused on the acquisition and development of properties in the Rocky Mountain region. Augustus Energy Partners II is based in Billings, Montana.

Sell -

Seller(S) 2

SELLER

Bosworth Capital Partners

Western Springs, Illinois, United States

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Bosworth Capital Partners is a private investment vehicle formed to acquire and operate a mid-sized, privately-held service based or niche manufacturing business. The Firm is targeting a business with $5 to $50 million in sales and $0.75 to $5 million in EBITDA. Prospective companies should have sustainable growth opportunities and operate in large, fragmented markets. Bosworth was formed in 2008 and is based in Chicago, Illinois.


DEAL STATS #
Overall 5 of 5
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Texas) 1 of 1
Country (United States) 5 of 5
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-07 Krueger-Gilbert Health Physics

Towson, Maryland, United States

Krueger-Gilbert Health Physics is a diagnostic medical and health physics consulting group. KGHP’s client-focused team of physicists provides critical compliance services to some of the most progressive hospitals, imaging networks, private practices, and research facilities nationwide. Krueger-Gilbert Health Physics was founded in 1987 and is based in Towson, Maryland.

Sell -
SELLER

Ascent Equity Group

Houston, Texas, United States

Category Private Equity Firm
Founded 2012
Size Small
Type Sector Agnostic
DESCRIPTION

Ascent Equity Group is a private investment firm focused on acquiring and investing in energy services companies. Ascent targets businesses with $1 to $7 million in EBITDA where ownership is looking to monetize all or part of their holdings. The Firm generally looks to acquire controlling stakes and seeks opportunities throughout Texas and the Southwestern US. Specific areas of interest include production services, midstream services, MRO companies, and equipment rental/leasing. Ascent Equity Group was formed in 2012 and is based in Houston, Texas.


DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Rod and Tubing Services

Dallas, Texas, United States

Rod and Tubing Services is an oil field production services business that provides comprehensive inspection, maintenance and replacement of downhole rod and tubing equipment for producing oil and gas wells. Rod and Tubing Services was founded in 1997 and is based in Dallas, Texas.

Buy -