Intervale Capital has held the final closing of its second fund with capital commitments of USD376m.
Intervale Capital Fund II and affiliates exceeded its target of USD325m and investor demand for the fund exceeded the USD350m cap on limited partner commitments.
Intervale raised USD281m for its first fund in 2008 and recently completed its first two exits. Casedhole Solutions was sold to C&J Energy Services in June 2012 for USD278m. Ulterra Drilling Technologies was sold to ESCO Corporation in August 2012 for USD325m.
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 North America and Europe.
Fund II is led by partners Charles Cherington and Erich Horsley, who have executed more than 15 OFS transactions together since 2006.
Cherington says: "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."
