Ranger Offshore Refinances Existing Credit Facility And Receives Capital Investment From Its Equity Sponsor, SunTx Capital Partners
HOUSTON, Dec. 9, 2014 /PRNewswire/ -- Ranger Offshore, Inc., a leading global marine and subsea construction and support services contractor to the offshore oil and gas industry, is pleased to announce it has successfully refinanced its existing credit facility with White Oak Global Advisors, a specialist finance company offering customized lending products and services to corporate clients. Ranger also announced that its equity sponsor, SunTx Capital Partners, has 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."
About Ranger Offshore, Inc.
Ranger Offshore, Inc. provides subsea construction services and support for the offshore oil and gas industry, including subsea inspection, repair and maintenance, decommissioning and new construction projects in the US Gulf of Mexico, Mexico, West Africa, and select international markets. Headquartered in Houston, Texas, Ranger has support facilities in Galveston, Texas, Lafayette, Louisiana, Lagos, Nigeria and Ciudad Del Carmen, Mexico. Since its formation, Ranger has assembled an industry leading and highly experienced management team, invested in best in class equipment, and installed proven operating procedures, management systems and financial controls to position it as the leading subsea service provider to its clients. Ranger Offshore, Inc. is a portfolio company of SunTx Capital Partners.
About SunTx Capital Partners
SunTx Capital Partners is a Dallas, TX based private equity firm that invests in middle market manufacturing, distribution and service companies. SunTx specializes in supporting talented management teams in industries where SunTx can apply is operational experience and financial expertise to build leading middle-market companies with operations typically in the Sun Belt region of the United States. SunTx was founded in 2001 and currently has over $600 million assets under management. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including leading university endowments and corporate and public pension funds. More information about SunTx can be found at www.suntx.com.
About White Oak Global Advisors, LLC
White Oak Global Advisors, LLC, is an SEC-registered investment adviser that directly originates private debt financings to middle market companies to support growth initiatives. White Oak's product suite includes asset-based secured term loans and credit facilities, cash flow based term loans, unitranche facilities, rescue and debtor-in-possession (DIP) financings, in/out of court restructurings, acquisition and capital expenditure facilities and other structured finance instruments. With over $1.3 billion of invested and committed capital,* White Oak has made over 75 direct debt investments in companies with enterprise values between $50MM and $1BN across a diverse range of industries and sectors. Headquartered in San Francisco, White Oak has additional offices in New York City, Dallas and Denver. To learn more about White Oak Global Advisors, LLC, visit www.whiteoaksf.com
*The Firm's AUM is calculated as of 6/30/2014 and includes the Regulatory Assets under Management in addition to the uncalled capital commitments of the separate accounts managed by the Firm.
Media Contact for Ranger Offshore, Inc.:
Bell Pottinger +44 (0)203 772 2500
Philip Dennis
Rollo Crichton-Stuart
Joanna Boon
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SOURCE Ranger Offshore, Inc.
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