LA. and Santa Monica, CA – December 13, 2017 - Clearlake Capital Group, L.P.,
(together with its affiliates, "Clearlake”) and Knight Energy Holdings, LLC ("Knight”
or the "Company”) today announced that Clearlake has successfully completed the
recapitalization of Knight in partnership with the Company’s management team,
the Knight family, and other existing stakeholders.
successful recapitalization, completed under Chapter 11 bankruptcy protection, resulted
in the reduction of more than $175 million in the Company’s total debt balance.
With the support of its employees, customers, suppliers, and Clearlake, Knight
was able to complete its restructuring quickly and efficiently and emerge with a
significantly strengthened balance sheet and liquidity profile. Clearlake has deep
experience partnering with leading companies and management teams in the energy
sector and is now Knight’s majority shareholder.
in Lafayette, Louisiana, Knight is one of the largest, privately-owned oilfield
rental tool companies in the world. It supplies a wide offering of rental
equipment and services for drilling, completion and well control activities –
serving a diverse base of oil and natural gas E&P operators.
the transaction complete, Knight can now leverage Clearlake’s substantial
resources and our experience in the energy sector to propel its growth
strategy,” said José E. Feliciano, Founder and Managing Partner of Clearlake. "Knight
has a demonstrated track record of providing customers with high quality
oilfield tool rental and service solutions. We firmly believe that with our
financial support and a strengthened financial profile, Knight is now poised
for success during this new phase of growth."
ABOUT KNIGHT OIL
Oil Tools’ predecessor, Knight Specialties, originated in Morgan City,
Louisiana, out of the trunk of founder Eddy Knight’s car. Since then, Knight
Oil Tools has evolved into a company that provides complete rental, fishing,
manufacturing packages, drilling jars, inspection, hardbanding and safety
training to the oil and gas industry in selected markets throughout the U.S.
Knight Oil Tools’ long term vision is to continue to build upon its strong
commitment to provide quality equipment and outstanding service to customers in
each product line it serves.
ABOUT CLEARLAKE CAPITAL
Capital Group, L.P. is a leading private investment firm founded in 2006. With
a sector-focused approach, the firm seeks to partner with world-class
management teams by providing patient, long-term capital to dynamic businesses
that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors
are industrials and energy; software and technology-enabled services; and
consumer. Clearlake currently has over $3.5 billion of assets under management
and its senior investment principals have led or co-led over 100 investments.
More information is available at www.clearlake.com.
BLICKSILVER PUBLIC RELATIONS, INC.