Clairvest Announces US$23.4 Million Investment In Texas Based Oilfield Service Company
January 10, 2008 - Clairvest Group Inc. and Clairvest Equity Partners III Limited Partnership today announced a combined US $23.4 million investment in Light Tower Rentals, Inc. of Odessa, Texas. Light Tower is a fast growing oilfield equipment rental company, operating in Texas, New Mexico and Colorado. It is the regional leader in the support equipment segment.
Concurrent with the investment, Keith Muncy joined Light Tower’s management as Chief Financial Officer. Mr. Muncy was previously the CFO of Voxcom, a leading Canadian electronic security company in which Clairvest had an investment.
Light Tower is Clairvest’s 27th platform investment and is the second investment by CEP III. The Clairvest/CEP III co-investment pool is capitalized at $300 million and makes equity placements in growth companies.