Archive for October, 2010
MCRC is pleased to announce that White Deer Energy L.P. has made a $50 million investment in Fiberspar Corporation, a long-time portfolio company. Fiberspar, headquartered in New Bedford, designs and manufactures advanced spoolable composite pipeline products, marketed as LinePipe™. LinePipe™ is used by crude oil and natural gas producers in gathering systems, pipeline remediation, and disposal and injection applications. Its products are manufactured in Houston, Texas and deployed from 12 distribution facilities. Fiberspar is the market leader with more than 25 million feet of LinePipe™ installed in the last five years.
White Deer is an energy private equity fund focused on the exploration and production, oilfield service and equipment, and midstream sectors of the oil and gas industries. With $821 million of capital commitments, the fund is a long-term investor, targeting equity investments of $50 to $120 million. With offices in Houston and New York, White Deer has a combination of industry expertise and capital that makes it an attractive partner for rapidly growing North American energy companies. Fiberspar will use the proceeds of White Deer’s investment to reduce debt and expand manufacturing capacity.
“We are pleased to have White Deer as a partner and are eager to capitalize on many growth opportunities this investment and relationship will enable,” said Peter Quigley, Fiberspar’s President and CEO. “By combining White Deer’s experience and relationships in the energy sector with Fiberspar’s industry-leading patented products, quality-certified manufacturing and expansion potential, Fiberspar’s positioned for rapid growth in the markets we currently serve and for the extension of our products in new markets.”
MCRC first invested in Fiberspar in 1992 and made an additional investment in 2007.
For more information on Fiberspar Corporation, please visit www.fiberspar.com.