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SOURCE Abaco Energy Technologies LLC
HOUSTON, Oct. 31, 2013 /PRNewswire/ -- Abaco Energy Technologies LLC ("Abaco"), today announced a $200 million commitment from energy private equity firm Riverstone Holdings LLC ("Riverstone") to acquire, integrate and develop energy manufacturing and service businesses. Abaco is a newly-formed, private, Houston-based company led by Ken Babcock and Roger Rivet, the former CEO and CFO, respectively, of Titan Specialties, Ltd. ("Titan") and International Logging, Inc. ("ILI"), two companies previously owned by Riverstone affiliated entities.
Abaco will focus primarily on manufacturing and services related to North American drilling, completion and production and associated infrastructure. Messrs. Babcock and Rivet have significant experience in the oilfield equipment and service sector, particularly in building businesses through value-added initiatives. The two most recently led Titan, which was acquired by Riverstone in March 2007 and was sold to Hunting plc in September 2011. Babcock and Rivet were hired as CEO and CFO of Titan, respectively, in December 2008 upon the planned retirement of two of the company's founders. Previously, Babcock and Rivet served as CEO and CFO of ILI, which was acquired by Riverstone and affiliates in March 2006 and sold to Weatherford in August 2008.
Mr. Babcock, President and Chief Executive Officer of Abaco, commented, "We are very excited to be partnering again with Riverstone. We look forward to building another company that contributes significantly to improving and enhancing oilfield technology and processes that ultimately allow operators to produce hydrocarbons faster and cheaper."
John Lancaster, a Partner at Riverstone, stated, "This investment is another example of Riverstone's strategy of partnering with proven management teams to pursue service and manufacturing opportunities related to the energy industry. Ken and Roger are long-time energy executives who both played critical roles in identifying and executing growth opportunities in their previous roles as managers of Riverstone portfolio companies, sourcing strategic add-on acquisitions and integrating new businesses and employees into the organizations that they led. We will aim to build a company that is exposed to attractive secular trends in the oil and gas market through both acquisition and direct investment."
About Abaco Energy Technologies LLC
Abaco Energy Technologies LLC, based in Houston, TX, was formed to acquire, integrate and develop energy manufacturing and service businesses, principally related to North American drilling, completion, and production and associated infrastructure. Abaco is led by President and Chief Executive Officer, Ken Babcock, and Chief Financial Officer, Roger Rivet.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $24.4 billion to 103 investments in North America, Latin America, Europe, Africa and Asia.
For Abaco Energy Technologies LLC:
For Riverstone Holdings LLC:
James David or Jeffrey Taufield
Kekst and Company
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