Private equity firm Pine Brook is investing up to $100 million to create Cahill Services LLC, which will provide specialty rental services to oil and energy companies.
The new business, headquartered in Houston, will also provide rental options to customers in the refining, industrial, petrochemicals, utilities and other industries. The company plans to buy specialty rental services groups and integrate them into one business. Cahill is currently evaluating potential acquisitions, it says.
George Walker leads the company as CEO. Before Cahill, he worked for specialty rental company Aggreko.
New York-based Pine Brook focuses on investing in the financial services and energy sectors. The firm has more than $6 billion in capital commitments. In September, Pine Brook made a $110 million investment in lender Strategic Funding Source Inc. In February 2014, it closed a $2.43 billion fund.
For more on Pine Brook’s activity in energy, check out our Q&A with Pine Brook managing director Craig Jarchow, and for more on the firm’s financial services activity, see Lenders to Small Business Draw Investors.
The transaction comes at a volatile time for the energy industry, which has seen large price fluctuations in crude oil, and after an accord reached in mid-July, faces the possibility of Iran’s oil making its way back into the global market.