Clearlake Capital Group Leads the Recapitalization of Knight Energy Holdings and Affiliates
LAFAYETTE, La. & SANTA MONICA, Calif.–(BUSINESS WIRE)–Clearlake Capital Group, L.P., (together with its affiliates,
“Clearlake”) and Knight Energy Holdings, LLC (“Knight” or the “Company”)
today announced that Clearlake has successfully completed the
recapitalization of Knight in partnership with the Company’s management
team, the Knight family, and other existing stakeholders.
Knight’s successful recapitalization, completed under Chapter 11
bankruptcy protection, resulted in the reduction of more than $175
million in the Company’s total debt balance. With the support of its
employees, customers, suppliers, and Clearlake, Knight was able to
complete its restructuring quickly and efficiently and emerge with a
significantly strengthened balance sheet and liquidity profile.
Clearlake has deep experience partnering with leading companies and
management teams in the energy sector and is now Knight’s majority
shareholder.
Headquartered in Lafayette, Louisiana, Knight is one of the largest
privately-owned oilfield rental tool companies in the world. It supplies
a wide offering of rental equipment and services for drilling,
completion and well control activities – serving a diverse base of oil
and natural gas E&P operators.
“With the transaction complete, Knight can now leverage Clearlake’s
substantial resources and our experience in the energy sector to propel
its growth strategy,” said José E. Feliciano, Founder and Managing
Partner of Clearlake. “Knight has a demonstrated track record of
providing customers with high quality oilfield tool rental and service
solutions. We firmly believe that with our financial support and a
strengthened financial profile, Knight is now poised for success during
this new phase of growth.”
ABOUT KNIGHT OIL TOOLS
Knight Oil Tools’ predecessor, Knight Specialties, originated in Morgan
City, Louisiana, out of the trunk of founder Eddy Knight’s car. Since
then, Knight Oil Tools has evolved into a company that provides complete
rental, fishing, manufacturing packages, drilling jars, inspection,
hardbanding and safety training to the oil and gas industry in selected
markets throughout the U.S. Knight Oil Tools’ long term vision is to
continue to build upon its strong commitment to provide quality
equipment and outstanding service to customers in each product line it
serves.
ABOUT CLEARLAKE CAPITAL GROUP, L.P.
Clearlake Capital Group, L.P. is a leading private investment firm
founded in 2006. With a sector-focused approach, the firm seeks to
partner with world-class management teams by providing patient,
long-term capital to dynamic businesses that can benefit from
Clearlake’s operational improvement approach, O.P.S.® The firm’s
core target sectors are industrials and energy; software and
technology-enabled services; and consumer. Clearlake currently has over
$3.5 billion of assets under management and its senior investment
principals have led or co-led over 100 investments. More information is
available at www.clearlake.com.
Contacts
OWEN BLICKSILVER PUBLIC RELATIONS, INC.
Kristin Celauro,
732-433-5200
[email protected]
or
Jennifer
Hurson, 845-507-0571
[email protected]
