Lime Rock Partners and Livingstone Energy Management Announce Formation of Strategic Joint Venture7/15/2008
Calgary, Alberta, July 15, 2008 — Lime Rock Partners, a Westport, Connecticut-based private equity firm focusing on the global energy sector, and Livingstone Energy Management, a Calgary-based energy investment partnership, today announced a strategic joint venture to source and execute high-growth investments in the Canadian energy industry. The joint venture will invest up to $100 million through two platform companies, one focused on Canadian energy services and one on the Canadian exploration & production sector.
Livingstone Energy Management is a partnership of three seasoned Canadian energy executives: Kevin Nugent, former CEO of NQL Energy Services; John McAleer, a former Managing Director of CanFund and Manager at Renaissance Energy; and John Clarkson, a former Managing Director of Lime Rock Partners and Manager at Renaissance Energy. Lime Rock Partners is a global private equity firm with $3.0 billion under management investing in exploration & production and energy service companies worldwide from its locations in Westport, Connecticut; Houston, Texas; and Aberdeen, Scotland. Since its formation in 1998, it has invested nearly $170 million in the Canadian energy sector.
The strategic joint venture will leverage the extensive Canadian and global network of relationships and the interdisciplinary financial and operating expertise of both the Livingstone and Lime Rock Partners teams. The joint venture will seek to invest up to $100 million in acquisition and growth capital in two platform companies: an exploration & production company focused on opportunities in Western Canada and a Canadian energy services company focused on opportunities in Canada and worldwide. Upon the successful execution of a portfolio company investment, members of the Livingstone team are expected to play leadership roles in the company’s ongoing operations. Lime Rock Partners has committed to invest at least $73.5 million to the joint venture.
John Clarkson, Managing Director of Livingstone Energy Management, said, “We believe that there are interesting opportunities in the Canadian oil patch right now for patient, strategic, and operations-oriented investors. We are excited to start capturing those opportunities by combining our on-the-ground experience with Lime Rock’s proven track record as a value-adding investment partner.” Jonathan Farber, Managing Director of Lime Rock Partners, added, “The Livingstone team offers, to our mind, a truly unique combination of operating and financial cross-sector expertise. We have been fortunate to have worked very closely with John, John, and Kevin over the years and to see—and benefit from—their success. We are excited to partner with them in Lime Rock’s newest phase of investing in the Canadian energy business.”
Headquartered in Calgary, Alberta, Canada, Livingstone Energy Management is a private partnership established in 2007 for the sole purpose of investing in the Canadian energy industry. The Livingstone philosophy incorporates a focused investment approach combined with capital and management expertise to deliver superior economic returns. For more information, please contact Livingstone at (403) 215-0858.
Established in 1998, Lime Rock manages $3.5 billion of private capital for investment in the energy industry through Lime Rock Partners, investors of growth capital in energy companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. With $3.0 billion under management, Lime Rock Partners is a creative, value-adding, and long-term investor of growth capital in exploration and production, energy service, and oil service technology companies worldwide. From locations in Aberdeen, Scotland; Houston, Texas; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships, deep interdisciplinary expertise in finance and energy company operations, and a strong track record of value creation.Back to News