April 26, 2016 (Dallas, Texas) – Renovo Capital, LLC, a Dallas-based special situations private equity firm, is pleased to announce an investment in Summit Casing Equipment.
- Special situations investor seeking businesses with varying degrees of financial and operational complexities
- Currently investing out Fund II with $132M of institutional investor commitments
- Industry agnostic with focuses on energy services, food and technology-enabled business services
- Seeking equity investments of $5-30M in lower middle market companies with revenues of $20-200M
- Seven investment professionals with growing operating partner network
Renovo is partnering with the Summit founders Andy Eldridge, Mitch Hansen and Matt Einck as it continues to build on its focus in the energy sector, with a particular emphasis on oilfield service companies that manufacture engineered products and/or provide diversified services.
Fort Worth-based Summit is a leading manufacturer of engineered products related to the cementation of wells during the drilling process, including solid body centralizers, bow spring centralizers, composite centralizers, float equipment, DV tools and reamer shoes, all made in the USA.
Summit maintains inventory as well as service presence in all major basins to serve customers nationwide and will continue to be led by the company’s founders – Eldridge, Hansen and Einck.
“While the energy market in general, and drilling/completion activity in particular, remain at historically depressed levels, we believe through a strong balance sheet and focus on cost control, innovation and growth, Summit is well positioned to capitalize on the future recovery,” said Frank Guidone, Operating Partner for Renovo.
Throughout their careers, Renovo’s partners have invested and managed over $2 billion of capital across the energy sector.
The investment in Summit is a continuation of Renovo’s strategy to provide flexible capital and operational support to the recovery in oil field services. Learn more here
“We are excited about the opportunity to partner with Renovo and together navigate through the current uncertainty. This partnership assures we can continue providing the level of quality and service our customers have come to expect from Summit,” said Andy Eldridge, Chief Financial Officer for Summit.
Summit Casing Equipment (www.summitcasing.com) is based in Fort Worth, TX, with locations throughout the United States. The company manufactures a branded line of solid body centralizers, bow spring centralizers, composite centralizers, float equipment and reamer shoes. Summit provides exceptional customer service in Texas, Oklahoma, Louisiana, New Mexico, Colorado, Wyoming, North Dakota, Montana, West Virginia, Pennsylvania, Ohio, Kentucky and New York, in addition to international markets. The wide product offering and national reach allows Summit to quickly supply its customers to meet operational needs.
Renovo Capital, LLC (renovocapital.com) is a special situations private equity fund, investing out of Renovo Capital Fund II, LP, a $132 million committed capital fund. Renovo is focused on partnering with business owners, entrepreneurs and management teams to invest in businesses undergoing varying degrees of operational, financial or market-drive change. Renovo’s principals and extensive network of operating professionals have decades of experience delivering unique capital solutions and operational and strategic leadership to help solve complex situations and drive long term business value creation. Renovo Capital has offices in Dallas and Denver.
Phone (214) 699-4969