Published:
Cherington Capital and Carlyle/Riverstone Sell International Logging to Weatherford International
CAMBRIDGE, Mass., Aug. 21 /PRNewswire/ -- Cherington Capital announced
today that it has sold its interest in International Logging, Inc. ("ILI") to
Weatherford International Ltd. Cherington, Carlyle/Riverstone Global Energy
and Power Fund III and management acquired ILI in March 2006. ILI
subsequently made four add-on acquisitions between 2006 and 2007.
Headquartered inHouston, Texas, ILI provides oil and gas well-site geological
logging services to customers in more than 55 countries from over 30 offices
globally. Terms of the transaction were not disclosed.
Charles Cherington, a Managing Partner at Cherington Capital said, "ILI
management has done an excellent job growing the business by broadening its
service offering with new technology and expanding the company's geographic
footprint both domestically and internationally. We wishWeatherford and the
entire ILI team continued success."
Lehman Brothers acted as financial advisor to International Logging, Inc.
About Cherington Capital LLC
Cherington Capital is a private equity firm which specialized in oilfield
services investments. In 2007, Charles Cherington joined forces with oilfield
veteran Curtis Huff to form Intervale Capital. In May 2008, Intervale closed
its $280 million institutional fund, which also focuses exclusively on
oilfield services and equipment investments. To date, Intervale has made four
investments from the current fund. Cherington Capital continues to manage its
existing investments, but all future investment activity will be conducted
through Intervale Capital.
Contact:
For Cherington Capital LLC:
c/o Intervale Capital, LLC
Charles Cherington
617-497-8282
SOURCE Cherington Capital LLC
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