Carlyle/Riverstone Global Energy and Power Fund III has sold its stake in International Logging, which provides oil and gas well-site geological logging services from offices in Asia, Sout
Carlyle/Riverstone Global Energy and Power Fund III has sold its stake in International Logging, which provides oil and gas well-site geological logging services from offices in Asia, South America and Africa, to Weatherford International.
The fund, along with Cherington Capital and the company’s management, acquired International Logging in March 2006, and it subsequently made four acquisitions during 2006 and 2007. Terms of the sale to Weatherford were not disclosed; Lehman Brothers acted as financial advisor to the company.
‘International Logging, a leader in its specialised field, is an outstanding company that proved to be an excellent investment,’ says Riverstone Holdings managing director Greg Beard. ‘We wish Weatherford and the management team continued success.’
Riverstone Holdings, is a New York-based private equity firm founded in 2000 that focuses on the energy and power industries, conducting buyout and growth capital investments in the midstream, upstream, power, oilfield services and renewable sectors, and has around USD14.8bn under management in six funds. To date, the firm has committed some USD9.9bn to 57 investments in North America, Latin America, Europe and Asia.
The Carlyle Group is a global private equity firm with USD81.1bn in assets under management committed to 60 funds. The group invests in buyouts, venture and growth capital, real estate and leveraged finance worldwide, focusing on aerospace and defence, automotive and transportation, consumer and retail, energy and power, financial services, healthcare, industrial, infrastructure, technology and business services, and telecommunications and media.
Since 1987, the firm has invested USD46.3bn of equity in 802 transactions for an aggregate purchase price of USD216bn. The Carlyle Group employs more than 575 investment professionals in 21 countries, while its portfolio companies have more than USD109bn in revenues and employ more than 415,000 people worldwide.
