Current
Eschelon
Energy Partners and Affiliates
Historical Eschelon
Energy Partners and Affiliates
Portfolio
Current Eschelon Energy Partners and Affiliates
Itron, Inc. (NASDAQ: ITRI), Spokane, Washington
Description: Itron is a leading worldwide supplier of comprehensive hardware and software solutions for energy and water providers. Key products and services include solid state electric meters, automatic meter reading technology, and enterprise wide software platforms and real-time analytic applications.
Eschelon Managing Partner Tom Glanville has served as a director of Itron since 2001 when it was a Reliant portfolio company. He is Chairman of this board's Audit Committee with the qualification as a "Financial Expert". An affiliate of Eschelon continues to own an equity position in the company. Reliant's $5.7 million position in the company was sold in 2001 and 2002 for 803% IRR, 4.9X multiple.
Website: www.itron.com
Lexington VIII, New
York, New York
Description: Diversified portfolio of interests in global private equity
and alternative investment funds through negotiated secondary market
purchases.
Pine Brook Partners, New York, New York
Description: founded in 2006 to pursue growth equity investments in the energy and financial services industries. The firm is the next chapter in Howard Newman’s investing career after 22 years at his former firm where he was responsible for successfully investing $3.3 billion in forty-seven companies. Well known energy companies backed by Newman include Antero, Bill Barrett, EMGS, Encore, Gryphon, Makowski, Lariat, Latigo, Marine Drilling, Newfield, Spinnaker, and Targa.
Website: www.PineBrookPartners.com
Pine Brook Partners II, New York, New York
Description: the second fund for Pine Brook had its initial close in 2H2012. Successful first fund portfolio companies included Common Resources, Global Oilfield Services, Syndicate Holdings, Green Bank, and others. Final close held February 14, 2014.
Strand Energy, LC, Houston, Texas
Description: focused on the traditional onshore producing regions of Texas (Gulf Coast, Permian, Panhandle). Strand was founded in 1996 by CEO Kent Brock. As part of buying out two current shareholders in January 2008, Eschelon Managing Partner Tom Glanville purchased an equity interest in the company and joined its board of directors. The company has grown its production and reserves through a well diversified drilling program funded with company and joint venture capital.Warburg Pincus XII, New York, New York
Description: latest global diversified private equity fund from Warburg Pincus.Historical Eschelon Energy
Partners and Affiliates
Saber Resources, LLC, Midland, Texas
Description: Permian
Basin focused oil and gas acquisition and exploitation company founded
in 2004 by the principals of Southwest Royalties, Inc. An
affiliate of Eschelon invested in both of the company's equity
offerings, one in 2004 and one in 2005. In November, 2006 Saber
completed a transaction with Lehman Brothers whereby Lehman contributed
Permian Basin oil properties it owned plus cash to Saber for a 43%
interest in the company going forward. In addition, it provided a
line of credit to Saber to assist in the further development of the
company's properties. As a result of this transaction, Saber
returned 50% of invested capital to its shareholders. This return
of capital was at a 1.93 times initial valuation.
Saber was sold in August, 2008 for an undisclosed amount to Celero. Returns to Eschelon investors were approximately 2.24 times invested capital and a 25% annual internal rate of return.
Saber Oil and Gas Ventures, LLC, Midland, TexasDescription: Permian Basin focused oil and gas acquisition and exploitation company founded in 2008 by the principals of Saber Resources, a historical Eschelon portfolio company sold earlier in 2008. Lead investor is Energy Special Situations Fund II. Eschelon Managing Partner Tom Glanville is an Advisory Director. The company sold July 2013 returning 1 times invested capital.
Reliant Energy / Enron / Other Investments
Beau Canada Exploration Company (TSE: BEAU), Calgary, Alberta Canada
Description: Canadian oil and gas exploration and production company. Tom Glanville, as President of Enron Capital & Trade Resources Canada Corp., led the 1996 purchase of C$7 million of restricted common equity. The company was sold to Murphy Oil in 2000 for 7.2% IRR, 1.3X return.
Website: www.murphyoilcorp.com
Enerwise Global Technologies, Kennett Square, Pennsylvania
Description: A leader in demand response and energy infrastructure management services for commercial, institutional, industrial customers enabling them to reduce energy costs, comply with environmental regulations, take advantage of alternative power solutions, and increase operational security and reliability. Tom Glanville, as President of Reliant Energy Ventures, led its $2.5m investment in the company’s Series A preferred stock in 2001. He also served as an Observer to the company’s board until 2003. Enerwise was sold in June, 2007 for $75m to Comverge (NASDAQ: COMV). Reliant received $2.082 million in cash, Comverge stock, and Comverge convertible notes with additional contingent compensation in Comverge stock due upon the achievement of certain revenue and gross profit targets in 2008. Final return for the investment will be based upon the ultimate realized value of this package of cash ($.5 million), stock, and notes.
Website: www.enerwise.com
Hydrogenics, Inc. (NASDAQ: HYGS), Toronto, Ontario Canada
Description: Developer, manufacturer and systems provider of fuel cell and related hydrogen technology. A major customer and investor is GM. Tom Glanville, as President of Reliant Energy Ventures, Inc., led its $.5 million investment in the company's Series B Preferred Stock placement in 2000. At that time, Tom Glanville joined the board of the company as an Observer. After going public later that year and expiration of the lockup, the shares were sold for 233% IRR, 5.2X return.
Website: www.hydrogenics.com
Northern Power Systems, Inc., Waitsfield, Vermont
Description: Systems integrator of distributed generation solutions to commercial and industrial customers for both grid and non-grid connected applications. Tom Glanville, as President of Reliant Energy Ventures, Inc., led its $1.1 million investment in the preferred shares of the company in 2001. He also served as an Observer to the company's board until it's sale for $28 million to Distributed Energy Systems (NASDAQ: DESC) in 2003. Return on investment was 7% IRR, 1.2X.
Website: www.desc.com
Saxon Petroleum, Inc. (ASE: SAXN), Calgary, Alberta Canda
Description: Tom Glanville, as Vice President of Enron Finance Corp. and President of Enron Capital and Trade Reserves Canada Corp., led C$20 million of prepay contracts with this Canadian producer from 1993 to 1995. Company subsequently sold to Forest Oil (NYSE: FST). Warrants obtained in these financings were sold for a significant profit by Enron.
Website: www.forestoil.com