Fort Worth, TX (PRWEB) April 27, 2016
Summit Casing Equipment, a leading provider of centralizers and float equipment to the oil and gas industry, announced an investment from Renovo Capital, a Dallas-based private equity fund. In partnership with the founders and current management team of Summit, Renovo Capital’s investment enables the business to withstand the current downturn in the energy industry as well as positions the company for growth.
“While the energy market in general, and drilling/completion activity in particular, remain at historically depressed levels, we believe through a strong balance sheet and focus on cost control, innovation and growth, Summit is well positioned to capitalize on the future recovery,” said Frank Guidone, Operating Partner for Renovo.
Renovo is partnering with the founders Andy Eldridge, Mitch Hansen and Matt Einck, who will continue to manage the business going forward.
“We are excited about the opportunity to partner with Renovo and together navigate through the current uncertainty. This partnership assures we can continue providing the level of quality and service our customers have come to expect from Summit,” said Andy Eldridge, Chief Financial Officer for Summit.
Renovo Capital, LLC (http://www.renovocapital.com) is a special situations private equity fund, investing out of Renovo Capital Fund II, LP, a $132 million committed capital fund. Renovo is focused on partnering with business owners, entrepreneurs and management teams to invest in businesses undergoing varying degrees of operational, financial or market-drive change. Renovo’s principals and extensive network of operating professionals have decades of experience delivering unique capital solutions and operational and strategic leadership to help solve complex situations and drive long term business value creation. Renovo Capital has offices in Dallas and Denver.
Summit Casing Equipment (http://www.summitcasing.com) is based in Fort Worth, TX, with locations throughout the United States. The company manufacturers a branded line of solid body centralizers, bow spring centralizers, composite centralizers, float equipment and reamer shoes. Summit provides exceptional customer service in Texas, Oklahoma, Louisiana, New Mexico, Colorado, Wyoming, North Dakota, Montana, West Virginia, Pennsylvania, Ohio, Kentucky and New York in addition to international markets. The wide product offering and national reach allows Summit to quickly supply its customers to meet operational needs.