Lime Rock Partners has completed its $86.1 million investment in oilfield services company Allis-Chalmers Energy. The investment was part of a $125.6 million capital raising by the company. Lime Rock backstopped a public offering of the company's common stock, through which it acquired a 27.9% share of the company for $49.7 million. It also purchased convertible perpetual preferred stock for $36.4 million that, if converted, would give Lime Rock a 39.8% stake in the company.
There have been 40 energy services company investments done by private equity firms since 2008. Energy-focused firms, such as Energy Capital Partners and Kayne Anderson Capital topped the list as the most active investors in the industry. The largest investment in the industry was the $2.8 billion carveout of Gavilon done by General Atlantic, Soros Private Equity Partners and Ospraie Management. Of the 40 deals, 37 were completed in 2008, a number that 2009 will probably not reach. This information provided by the PitchBook Platform.