- posted in News
Minneapolis, MN, October 2013 – Spell Capital Mezzanine (“Spell”) is pleased to announce a $7.0 million mezzanine and minority equity
investment in Adler Hot Oil Service, LLC (“Adler” or the “Company”) to support a recapitalization of the Company led by Industrial Innovation Partners (“IIP”).
Adler is a leading oilfield services company providing heating services for oil and gas well sites. Headquartered in Vernal, Utah, the Company
operates a fleet of truck-based heating units that serve top tier oil & gas companies operating in the Niobrara and Bakken basins. Heating
services are employed to enhance the effectiveness of frac drilling of new wells and for the routine maintenance of producing wells. IIP, in
partnership with management and existing shareholders, led the recapitalization to position the Company to take advantage of the
tremendous growth opportunities that exist within the industry.
Nicholas Behl, Managing Principal of IIP, stated, “Adler is the ideal platform to build a premier oil & gas heating services company that can
provide both frac water heating and hot oiler services across multiple geographies and basins. What sets Adler apart from the competition is
the experience and professionalism of its operators in the field, its best in class equipment and its high caliber management team. I am
pleased that Spell and our entire investor group recognize these strengths and support our strategic vision for the Company.”
“We are excited to participate in the recapitalization of Adler and look forward to supporting Industrial Innovation Partners’ strategic growth
plans,” said Andrew Leonard, Managing Director at Spell. “The significant financial resources of Spell and our co-investors combined with the
industry expertise of IIP will help accelerate the Company’s growth and facilitate management’s efforts to build the foremost provider of oil &
gas heating services in the country.”
About Spell Capital Mezzanine
Spell Capital Mezzanine provides subordinated debt and non-control equity to businesses in a variety of industries across the United States.
We finance leveraged acquisitions backed by lower middle-market private equity sponsors, management and family driven ownership
transitions, add-on acquisitions, recapitalizations and growth initiatives.
About Industrial Innovation Partners
Industrial Innovation Partners is a lower middle market private equity firm focused on investing in high growth companies in dynamic sectors
where the firm has significant domain and operating experience such as oilfield services. IIP utilizes a systematic approach in collaboration
with management to optimize growth and value creation called the Growth Acceleration Process.
For more information about this transaction, please contact Andrew Leonard, Managing Director firstname.lastname@example.org.