HOUSTON, March 15, 2011 /PRNewswire/ -- Layton Corporation announced today it has successfully completed a $135 million financing round for its portfolio company Platinum Energy Solutions, Inc. (PES) in partnership with Clearlake Capital Group (Clearlake). PES, an innovative oilfield service provider, offers hydraulic fracturing services, coiled tubing and nitrogen services, chemical services, primary cementing and pressure pumping services.
The company currently has long-term contracts to provide services to companies operating in the Haynesville Shale and Eagle Ford Shale. Proceeds from the transaction will be used to fund working capital and purchase additional equipment.
PES will be led by Charles Moncla, Jr., a 45-year veteran in the oilfield service business. Moncla founded Moncla Well Service, Inc., grew it to become the largest privately held well servicing company in the U.S. and ultimately sold the company to Key Energy.
"We are very excited to have Charlie as CEO. He is truly one of the oilfield service industry's top executives and I know PES will flourish under his leadership," said Daniel T. Layton, a Houston-based energy investor, financier and CEO of Layton Corporation.
The transaction was led by Clearlake, a Santa Monica, Calif.-based private investment firm. Clearlake partners with world-class management teams by providing long-term capital and operational expertise in various sectors including business services and technology, communications and media, energy and power, and manufacturing.
Jose E. Feliciano, a co-founder and partner at Clearlake and Colin Leonard, a vice president at the firm, have joined PES' board of directors. Layton will remain on the board.
Assisting in the transaction were Kelley Drye & Warren LLP, which acted as legal counsel to the company along with Global Hunter Securities and Knight, which acted as placement agents.
About Layton Corporation
Layton Corporation is a Houston based energy investment firm engaged in all sectors of the energy industry worldwide. The company primarily acts in a principal capacity. Currently the company seeks international and domestic opportunities in the trading, transportation, service and electricity sectors. For more information, visit www.laytoncorporation.com.
SOURCE Layton Corporation