Daily News: December 10, 2014

WhiteOak Refi and SunTx Investment Support Ranger Buy

Ranger Offshore announced it refinanced its existing credit facility with White Oak Global Advisors. Ranger also announced that its equity sponsor, SunTx Capital Partners, invested additional capital into the business.

Proceeds from the White Oak refinancing and capital investment from SunTx will fund the closing of the previously announced acquisition of Technip USA’s diving assets and provide the company with additional capital to further implement its strategic growth initiatives.

Ned Fleming, managing partner of SunTx Capital Partners, commented, “SunTx is proud to be an investor in Ranger and partner with White Oak Global Advisors to support Ranger’s management team as it successfully executes on its strategic growth plan. With a strong balance sheet and an extraordinary collection of diving assets, certifications and expertise, Ranger is now primed to enter new global markets and to win significant contracts. We look forward to the next chapter of Ranger’s growth.”

Darius Mozaffarian of White Oak commented, “As a lender to Ranger Offshore for the past two years, we are excited to continue working with the Company on its growth strategy and believe that the acquisition of Technip USA’s diving assets makes it a well-positioned global leader. Furthermore, we are thrilled to continue partnering with SunTx Capital Partners and Ranger’s proven management team.”

Ranger Offshore provides subsea construction services and support for the offshore oil and gas industry.