New Orleans (November 4, 2013) - LongueVue Capital (“LVC”), a New Orleans-based private equity firm, announced today the sale of Blue Dot Energy Services, LLC (“Blue Dot”) to BEA Logistics Services, LLC for approximately $75 million. Headquartered in Bridgeport, West Virginia, Blue Dot is a leading provider of oilfield rental tools and equipment in the Appalachian Basin serving exploration & production (E&P) companies and drillers operating in the prolific Marcellus Shale and the burgeoning Utica Shale. BEA Logistics is a wholly owned subsidiary of publicly traded BE Aerospace, Inc. (NASDAQ:BEAV). The sale occurred in the third quarter of 2013.
Since February 2010 when LVC first made its controlling investment in Blue Dot, the company has grown steadily along with growth in the Marcellus and Utica shale plays, allowing Blue Dot to expand its product offering to better serve its valued customers. Today, Blue Dot offers a comprehensive array of services throughout the lifecycle of a well, including rental tools and equipment, fishing tools and services, completion services, accommodation services, pipe recovery services, machine shop services and pressure control services.
In addition to its controlling equity investment from LongueVue Capital Partners I, LVC also held a mezzanine debt investment made through LongueVue Capital Partners II.
“We have been honored and privileged to work with the executives of Blue Dot over the last three and a half years,” commented John McNamara, Co-Founder and Managing Partner of LongueVue Capital. “They have responded to our challenges of improving the business by doubling revenue and growing EBITDA by over six times. During this growth journey, they have built the premier oilfield rental company in the Northeast. LVC is proud of its association with this team.”
“The resources and support LongueVue Capital brought to bear over the past several years were instrumental in developing Blue Dot into the market leader it is today,” commented Andy Lang, Founder & President of Blue Dot. He added, “Their strategic guidance, partnership approach, and readiness to work side-by-side with us to grow the company enabled us to achieve great results for our employees, customers, and shareholders.”
Simmons & Company International served as exclusive financial advisor to Blue Dot in this transaction.
About LongueVue Capital:
Founded in 2001, LongueVue Capital is a New Orleans-based private equity firm that focuses on providing human capital, financial capital, and a skill set built upon a successful 18-year track record of partnering with entrepreneurs and management teams to drive value creation in middle market companies. Having managed over $500 million of capital spanning three funds coupled with 150 years of combined operating and investing experience, our team is the ideal partner for middle market companies at inflection points and seeking to maximize value.
Our opportunistic investment strategy provides the flexibility to partner with attractive businesses across a variety of industries and situations, and we tailor transaction structures to meet the company and stakeholders’ objectives. While we are selective with our investment strategy, we target growth-oriented companies with scalable, sustainable business models and exceptional leadership teams.
Our proactive, hands-on approach enables us to be thoughtful stewards of our portfolio companies and trusted and dependable strategic partners to all stakeholders. Together with our entrepreneur and management team partners, we help create superior value for our portfolio companies and investors.
To learn more about LongueVue Capital, please visit our website at www.lvcpartners.com.
For inquiries, please contact firstname.lastname@example.org or call 504.293.3600.
LVC is headquartered in New Orleans and maintains an office in Park City, UT to help us provide national coverage for transaction sourcing and portfolio company support.
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