LongueVue Capital Acquires Controlling Interest in Blue Dot Services
New Orleans private equity company invests in the leading oilfield services company in the Marcellus Shale
New Orleans, LA; February 8, 2010 – LongueVue Capital, LLC has announced that it has acquired controlling interest in Blue Dot Energy Services, LLC (“Blue Dot” or the “Company”), of Bridgeport, WV. LongueVue partnered with Company founder Andy Lang, who will remain with the company as CEO, to complete the equity investment.
Blue Dot is the leading oilfield rental tool and equipment provider in the rapidly growing Marcellus Shale and the broader Appalachian Basin. In addition to renting tools and equipment, the Company also offers on-site living quarters, wireline services, field support services, and equipment repair and threading services for drillpipe and downhole tools.
Blue Dot was founded in 1998 by Andy Lang. The Company has grown steadily over the past decade by expanding its rental tool fleet and adding complementary services, while simultaneously opening multiple locations to serve the entire Appalachian Basin. LongueVue’s investment will better position Blue Dot to advance its growth strategy and continue to meet the needs of its customers in the rapidly expanding Appalachian market.
LongueVue Capital’s General Partner John C. McNamara said, “We are enthused to partner with entrepreneur Andy Lang and the Blue Dot team to take advantage of the tremendous growth opportunity in the Marcellus Shale. Andy has built a successful business by providing the most complete rental tool and equipment portfolio in the Appalachian Basin coupled with top notch customer service. This business has no equal in the Appalachian market.”
About LongueVue Capital:
LongueVue Capital is a private equity company focused on making situation-driven, value-oriented equity and debt investments in lower middle market companies (up to $100 million in annual revenue) to support buy-outs, recapitalizations, acquisitions and growth. Since its formation in 2001, LVC has made successful investments in a wide variety of industries, including energy services, logistics, electrical and instrumentation services, wireless technology, manufacturing, and healthcare services. LVC is based in New Orleans with additional offices in New York and Salt Lake City. For more information, please visit www.lvcpartners.com.
For inquiries, please contact firstname.lastname@example.org or call 504.293.3600.
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