Dallas-based Transition Capital Partners (TCP) has closed on the sale of its portfolio company, LT Energy Services, to B/E Aerospace, a manufacturer of aircraft cabin interior products.
The sale was part of B/E Aerospace’s previously announced acquisition of two oil field service companies for USD265m.
Houlihan Lokey served as the exclusive sell-side financial advisor to LT Energy Services and Locke Lord LLP acted as corporate legal counsel.
Acquired by TCP in April 2012, LT is headquartered in Houston and provides rental equipment and accommodation systems to major oil & gas producers. Under TCP’s ownership and direction, LT expanded from 10 employees with one field location in the Haynesville Basin in Northern Louisiana, to 100+ employees across five locations operating in three regions, including the Eagle Ford basin in South Texas and the Colony Granite Wash region in Oklahoma.
The sales price of the transaction was not disclosed, but TCP says LT was acquired for approximately 4x EBITDA and sold to B/E Aerospace for approximately 6x EBITDA.
The transaction was led by TCP managing director Kevyn DeMartino and TCP principal Jake Williams.
