Daily News: January 31, 2014

Houlihan Lokey Advises LT Energy Services in TCP Acquisition

Transition Capital Partners (TCP) announced that it closed on the sale of its portfolio company, LT Energy Services (LT), to B/E Aerospace, a world-leading manufacturer of aircraft cabin interior products and provider of aerospace fasteners, consumables and logistics services.

The sale was part of B/E Aerospace’s previously announced acquisition of two oil field service companies for $265 million.

Houlihan Lokey served as the exclusive sell-side financial advisor to LT Energy Services, and Locke Lord LLP acted as corporate legal counsel.

Acquired by TCP in April 2012, Houston-headquartered LT provides rental equipment and accommodation systems to major oil & gas producers. Under TCP’s ownership and direction, LT expanded from 10 employees with one field location in the Haynesville Basin in Northern Louisiana, to 100-plus employees across five locations operating in three regions, including the Eagle Ford basin in South Texas and the Colony Granite Wash region in Oklahoma.

During two years of ownership, TCP grew LT tremendously, providing growth capital and strategic direction, while also strengthening the management team, internal systems and processes. The sales price of the transaction was not disclosed, but TCP noted that LT was acquired for approximately 4x EBITDA and sold to B/E Aerospace for approximately 6x EBITDA.

The transaction was led by Kevyn DeMartino, TCP managing director, and Jake Williams, TCP principal.