Fiberspar Corporation, a Houston, TX-based designer and manufacturer of advanced spoolable composite pipeline products, has received a $50m investment from White Deer Energy L.P., a recently formed energy private equity firm.
White Deer’s investment includes the purchase of existing shares and new shares issued by the company.
Fiberspar will use the proceeds to reduce debt and expand manufacturing capacity. As part of the transaction, White Deer has reserved an additional $25m to invest in the company on mutually acceptable terms to fund future growth opportunities.
Fiberspar’s products, marketed as LinePipe™, are used by crude oil and natural gas producers in gathering systems, pipeline remediation, and disposal and injection applications.They are manufactured in Houston and deployed from 12 distribution facilities strategically located in the US and Canada.
Macquarie Capital acted as Fiberspar’s financial advisor for this transaction.
FinSMEs
28/09/2010