Blue Point Capital Partners has sold its interest in LineStar Services, to LineStar Integrity Services, a portfolio company of energy focused private equity firm, First Reserve.
LineStar was a portfolio company in Blue Point II, which is the Firm’s 2006 vintage middle-market buyout fund with commitments of USD400 million. Sale terms have not been disclosed.
LineStar, headquartered in Houston, Texas, provides a full suite of integrity, maintenance and construction services to owners and operators of oil and gas midstream infrastructure through its operating subsidiaries Tucker Construction and Tucker Midstream. The Company operates out of eight locations in Oklahoma and Texas, providing coverage throughout the Southwest United States.
“LineStar has an outstanding reputation for safety and exceptional operational performance,” says Sean Ward, a Partner with Blue Point. “Blue Point and the management team partnered to create a platform for acquisitive and greenfield growth in the midstream energy sector and scaled the business with significant investments in personnel, technology, and process.”
While partnered with Blue Point, LineStar completed four acquisitions that helped strengthen and expand the Company’s footprint, broaden and diversify its customer base and service offering, as well as opened four greenfield sites to support expansion.
“LineStar and Blue Point shared a vision to make significant investments to improve the business and build a growth-oriented platform. As a result of our partnership, those opportunities expanded our presence and capabilities,” says Paul Neundorfer, former President and CEO of LineStar and newly appointed President, Midstream Operations at LineStar Integrity Services LLC. “We’re pleased with the results and look forward to our growth going forward while partnered with CEO Daniel Cowan and the team at First Reserve.”
