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Pine Brook Provides $100MM to Launch Specialty Rental Business

July 31, 2015, 07:15 AM
Filed Under: Rental News
Related: Energy, Pine Brook, Rental

Pine Brook, an investment firm focused on building businesses in the energy and financial services sectors, announced a $100 million line of equity investment in Cahill Services, LLC ("Cahill" or "the Company").  Headquartered in Houston, Texas, Cahill will provide specialty rental services to customers in the oil & gas, refining, industrial, petrochemicals, utilities and related industries where a high level of technical knowledge of the business and customer needs is required.

Cahill's management team is focused on acquiring existing specialty rental services companies, and integrating them into a unified platform for growth. The company is actively evaluating a number of potential acquisitions.

Cahill is led by a seasoned management team, with George Walker serving as CEO.  Walker previously spent 27 years working for specialty rental company Aggreko, most recently serving as President of the North America region and Executive Director of the Aggreko Board.  Joining Walker at Cahill are industry veterans Derek Foster, who will serve as Cahill's CFO and Keith Sanner, who will be Vice President of Business Development. Foster also worked at Aggreko, most recently as Senior Vice President of Finance for Aggreko Americas where he oversaw the finance and M&A activities for the region.  Sanner, who also worked at Aggreko for more than 25 years, has over 32 years of experience in the industrial service and maritime sectors dealing with all facets of business including sales management, operations management and senior management.

"We're very excited to partner with George and his team to leverage their extensive experience to build a strong specialty rental business," said Rich Aube, managing director and head of Pine Brook's energy investment team. "Our strong experience building services businesses to scale in order to serve the needs of customers operating nationwide make us a great partner for Cahill."

Last year, Pine Brook announced the final closing of its second fund, Pine Brook Capital Partners II, L.P., with total capital commitments of $2.43 billion. Similar to the firm's debut fund, Fund II targets investments in new and growing companies in the financial services and energy sectors. Pine Brook typically finances these businesses with equity rather than debt, and often uses a line of equity funding structure in which a multi-year business plan is matched with a long-term capital arrangement.

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