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Article: Lime Rock Buys ITS Group Stake.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- October 12, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Avram Davis
Westport, Connecticut-based energy buyout firm Lime Rock Partners invested $55 million into ITS Group, acquiring a minority stake in the UK-based oilfield equipment and services provider.
ITS Group saw a 47% increase in its financial results for the year ended December 2008, compared to the previous year. In January, the oilfield products company named Neil Burlison as the company's new group finance director. The company entered into a joint venture with Malaysian-based Scomi Group Bhd in May. The venture, ITS Scomi Pte Ltd., will enable ITS to expand into Singapore and the Asia Pacific Region. In April, the company used a similar ...
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...WESTPORT, Conn. -- Lime Rock Partners, a private equity firm that ... energy industry experience, will lead Lime Rock's efforts to further build its presence ... John Reynolds, Managing Director of Lime Rock, and formerly a leading oil service ...
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