LongueVue Capital Announces the Sale of Blue Dot Energy Services
LVC Successfully Exits Leading Oilfield Services Portfolio Company
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:
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.
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