A newly-formed Houston, Texas
-based company, Abaco Energy Technologies received a $200 million commitment from Riverstone Holdings, a private equity firm, which will enable it to acquire, integrate and develop energy manufacturing and service businesses.
Company officials said Abaco Energy Technologies was formed to develop energy manufacturing and service businesses, principally related to North American drilling, production and associated infrastructure. Abaco is led by President and Chief Executive Officer, Ken Babcock, and Chief Financial Officer, Roger Rivet.
Ken Babcock, President and Chief Executive Officer of Abaco said, "we are very excited to be partnering again with Riverstone. We look forward to building another company that contributes significantly to improving and enhancing oilfield technology and processes that ultimately allow operators to produce hydrocarbons faster and cheaper."
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised.
John Lancaster, a Partner at Riverstone, said, "This investment is another example of Riverstone's strategy of partnering with proven management teams to pursue service and manufacturing opportunities related to the energy industry. Ken and Roger are long-time energy executives who both played critical roles in identifying and executing growth opportunities in their previous roles as managers of Riverstone portfolio companies, sourcing strategic add-on acquisitions and integrating new businesses and employees into the organizations that they led. We will aim to build a company that is exposed to attractive secular trends in the oil and gas market through both acquisition and direct investment."