Lime Rock Partners Completes Growth Capital Investment in Lafayette Workboat Rentals4/7/2008
BROUSSARD, Louisiana, April 7, 2008 — Founders Investment Banking, LLC is pleased to announce that Lafayette Workboat Rentals, LLC has been recapitalized with a growth investment by Lime Rock Partners, an energy-focused private equity firm with over $1.6 billion of capital under management. Founded in 1998, Lime Rock Partners is a creative, value-adding, and long-term investor of growth capital in global energy companies in the exploration and production, energy service, and oil service technology sectors. Headquartered in Broussard, Louisiana, Lafayette Workboat is a charter boat provider that offers bareboat workboats and fully-crewed tugboats for the oil & gas and inland marine transportation markets.
Founders Investment Banking acted as the financial advisor to Lafayette Workboat’s shareholders in this transaction. “This investment addresses the capital needs of Lafayette Workboat as it rapidly expands its fleet and service offerings to take advantage of attractive market opportunities in the oil & gas and transportation service sectors,” noted Duane Donner, Managing Director of Founders Investment Banking. “Additionally, and more importantly, the partnership between management and Lime Rock will help maximize shareholder value through the company’s now accelerated growth curve.”
“Founders took the time to understand our goals and worked extremely hard to deliver a solution that met our unique needs,” said Lafayette Workboat co-founder Dale Martin, who is also the company’s Chief Executive Officer. “We are already putting the capital to good use, and are working closely with Lime Rock to identify new expansion opportunities. Our partnership with the Lime Rock team will ensure that we have the appropriate relationships, resources and capital to better serve our customers, expand our fleet and grow our business.”
“Corporate advisors run the range from strategically key to, frankly, impediments, and Founders added considerable value to us in our analysis and execution of the Lafayette transaction,” added Townes Pressler, Managing Director of Lime Rock Partners. “Founders not only helped us understand Lafayette’s business as it was but also helped us envision where the company could go. We look forward to working with Founders again.”Back to News