LongueVue Capital Invests in Blue Dot Energy Services
$5 Million in Debt Financing to Support Growth of Leading Appalachian Oilfield Services Business
New Orleans (April 24, 2012) - LongueVue Capital (“LVC”), a New Orleans-based private equity firm, announced today it has invested $5.0 million of mezzanine capital in Blue Dot Energy Services, LLC (“Blue Dot”), a leading provider of oilfield services in the Appalachian Basin.
Founded in 1998 and headquartered in Bridgeport, West Virginia, Blue Dot provides a broad array of missioncritical oilfield services to E&P companies and drillers operating in the prolific Marcellus Shale and the burgeoning Utica Shale. Blue Dot’s services include rental tools and equipment, fishing services, rig-site accommodations, completion services, equipment testing, and API-certified manufacturing. The company operates from four facilities located in West Virginia, Pennsylvania, Ohio, and Kentucky.
The net proceeds from the financing, which was provided by LVC’s recently closed fund, LongueVue Capital Partners II, L.P, were used to expand Blue Dot’s equipment offering in order to support growing customer needs. This financing follows LVC’s 2010 equity investment in Blue Dot, which was made through a prior fund.
“Blue Dot has an outstanding reputation for providing strong customer service and high quality personnel and equipment to its blue chip customer base, which includes some of the nation’s largest drillers and producers of oil and gas,” said John McNamara, Co-founder and Managing Partner of LongueVue Capital. “We are pleased to continue our partnership with Blue Dot and to provide financing to support the company’s next phase of growth.”
“LongueVue Capital’s partnership and continued support is immensely valuable to Blue Dot during this period of growth,” said Blue Dot President and Chief Executive Officer, Andy Lang. “This financing enables us to strategically expand our equipment offering and services footprint in the Appalachian Basin and continue providing top-notch quality and service to our customers.”
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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