06/22/2015 | Announcement
Ironwood Capital Announces Subordinated Debt and Equity Investment in Professional Rental Tools
AVON, CONNECTICUT, June 22, 2015 – Ironwood Capital announced today that it has completed a subordinated debt and equity investment in Professional Rental Tools (“PRT”), a leading provider of stabilization and support equipment for oil and gas companies in the deepwater Gulf of Mexico. Ironwood partnered with New Orleans-based LongueVue Capital to complete the transaction.
“We’re pleased to provide capital to support PRT’s continuing growth. The company’s reputation for excellent service, growing fleet of specialized equipment and strong safety record have positioned it as a leader in the global offshore service industry,” stated Roger Roche, senior managing director of Ironwood Capital.
“The PRT team has built a multi-faceted business with significant potential for continued growth,” added Carolyn Galiette, senior managing director of Ironwood Capital. “We’re pleased to partner with management and LongueVue Capital on this investment and to be part of PRT’s future.”
About Ironwood Capital
With over $500 million of institutional capital under management, Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. The firm takes a simple, straightforward approach in providing profitable, well-managed companies with growth and transition capital coupled with strategic, operational and financial guidance. With over 25 years of middle market experience, Ironwood invests in the form of subordinated debt and preferred stock in amounts ranging from $5 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit www.ironwoodcap.com.
About Professional Rental Tools
Professional Rental Tools offers an exclusive line of patent-pending deepwater intervention equipment and experienced service teams ready for deployment. It also provides premium rental tools for drilling, completion and workover applications. The company’s equipment and services are mission-critical for operators to safely and efficiently perform completion, maintenance, and plug & abandonment activities on deepwater wells. PRT’s client base includes major and supermajor oil and gas operators and top-tier service companies operating in the Gulf of Mexico. The company, headquartered in Lafayette, Louisiana, has additional offices in Houma, Houston, and Corpus Christi.
For more information visit: http://prorentaltools.com.
