Dallas-based Transition Capital Partners (“TCP”) announces that it has
closed on the sale of its portfolio company, LT Energy Services (“LT” or
the “Company”), to B/E Aerospace (Nasdaq:BEAV), the world’s leading
manufacturer of aircraft cabin interior products and the world’s leading
provider of aerospace fasteners, consumables and logistics services. The
sale was part of B/E Aerospace’s previously announced acquisition of two
oil field service companies for $265 million. 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.
During two years of ownership, TCP grew LT tremendously, providing
growth capital and strategic direction, while also strengthening the
management team, internal systems and processes. The sales price of the
transaction was not disclosed, but TCP noted that 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.
ABOUT TRANSITION CAPITAL PARTNERS
Founded by Dan Patterson in 1993, Transition Capital Partners (“TCP”) is
a Dallas-based private equity firm with over 20 years of proven
experience investing in and building companies. TCP is known for
building partnerships with its founders/entrepreneurs, and putting
strategic plans in motion to strengthen and accelerate the growth of
each company. Portfolio businesses are transformed into more diversified
and professionally managed enterprises that are substantially more
valuable for all stakeholders. TCP seeks investment in entrepreneurial,
growth-oriented businesses with revenues under $50 million. While TCP
has a generalist approach, it is particularly interested in energy,
business services, niche manufacturing, consumer products, healthcare
and consumer finance sectors. For more information, please visit www.tcplp.com.
ABOUT HOULIHAN LOKEY
Houlihan Lokey is an international investment bank with expertise in mergers
and acquisitions, capital
markets, financial
restructuring, and valuation.
The firm serves corporations, institutions, and governments worldwide
with offices in the United States, Europe, and Asia. Independent advice
and intellectual rigor are hallmarks of our commitment to client success
across our advisory services. Houlihan Lokey is ranked
as the No. 1 global restructuring advisor, the No. 1 M&A fairness
opinion advisor for U.S. transactions over the past 10 years, and the
No. 1 M&A advisor for U.S. transactions under $3 billion, according to
Thomson Reuters. For more information, please visit www.HL.com.
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