Inverness Capital Partners, the Philadelphia-based private equity fund, is to invest $5 million in Energy Solutions, the pipeline management software specialist. Energy Solutions’ (ES) PipelineSuite integrates operator data with ERP, GIS and SCADA systems and offers steady-state and transient hydraulic analyses for simulations and training.
Restructuring company
A $2 million initial investment provides for working capital needs and has enabled a restructuring of the balance-sheet, eliminating the company’s bank debt. Inverness, along with co-investor Alvin V. Shoemaker Investments, plans to provide an additional $2.5 million to $3 million to Energy Solutions to fund future growth opportunities.
Graham
Inverness partner Ken Graham said, ‘We are working closely with the management team to prioritize its many global opportunities and identify the precise financing needs for the second phase of our investment. With its distinct advantages in the market and with the Inverness and Shoemaker backing, the company is well positioned to meet the needs of its global customers.’
Pollan on board
Bob Pollan, also from Inverness, has joined Energy Solutions as the advisory board chairman. The company was recently awarded a contract by PetroChina on the 1,200 km Zhongxian to Wuhan gas pipeline. The project is a partnership with Telvent, which is supplying the SCADA application.
This article originally appeared in Oil IT Journal 2004 Issue # 9.
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