Author: vmann259

March 5, 2007

~ vmann259
Eschelon Energy Partners portfolio company Itron (NASDAQ ITRI) announced February 26, 2007 the $1.6 billion acquisition of privately held Actaris. To quote Barrons (www.Barrons.com) March 5, 2007 page M5), “the merger will create a global leader in next-generation meter technology. It will also be No. 1 for electric meters, No. 2 for gas, and the fourth-largest for water.” The acquisition closed April 18, 2007.

January 24, 2007

~ vmann259
Eschelon Managing Partner Tom Glanville quoted in The Wall Street Journal on a private equity consortium’s attempt to buy the upstream arm of Dominion Resources- “Believe It: A Goldman, Morgan Stanley Tango-Adversaries Join Forces In Private-Equity Deal For Dominion’s Assets”, Pages C1-C2. See www.wsj.com. Glanville quoted that with the strength of debt markets, ability to hedge the price risk of proved reserves, and amount of private equity available that a consortium buying this $15 billion company was entirely possible.

January 18, 2007

~ vmann259
Eschelon Managing Partner Tom Glanville spoke to the Independent Petroleum Association of America (“IPAA”) Private Capital Conference 2007 held at the Houstonian Hotel, Houston, Texas on the firm and the firm’s views on private capital in the upstream oil and gas sector. For a copy of the presentation go towww.ipaa.org and look under IPAA Meetings and access recent presentations. Speech is also covered in Oil and Gas Investor, February 2007, “E & P Startups to Continue in 2007; Sector to Consolidate”, pages 21-24 (see www.oilandgasinvestor.com).

December 11, 2006

~ vmann259
In November, 2006 Eschelon Energy Partners portfolio company Saber Resources 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 made a return of 50% of invested capital to its shareholders.  This return of capital was at a 1.93 times initial valuation.

May 15, 2006

~ vmann259
On May 11, 2006, Eschelon completed its investment in the Series A-2 units of Milagro Exploration(“Milagro”). Founded in 2005 and based in Houston, Milagro is an oil and gas exploration and production company focused on the onshore Gulf Coast region of Texas and Louisiana. The team is led by Bob Cavnar, CEO, Rick Piacenti, CFO, and Jack Eells, SVP Exploration and Geoscience, all former senior executives of Mission and El Paso. Plainfield Asset Management of Greenwich, Connecticut is the lead investor.

September 28, 2005

~ vmann259
On September 21, 2005 Eschelon completed its investment in the Series A Preferred Stock of Chroma Exploration and Production, Inc., a Gulf Coast focused oil and gas exploration and production company.  Joining Eschelon as a major equity investors in the company are Wellington, D. E. Shaw, Macquarie Bank, and NGP Capital Resources.  As the largest investor not also participating in the company’s debt facility (led by NGP), Eschelon’s Managing Partner, Tom Glanville, joined the company’s board of directors.  Other board members and individual investors in the preferred equity are Joe Foster, founder and former Chairman and CEO of Newfield Exploration (NYSE:  NFX), and Steve Mikel, CEO of Chroma.The linked press release is from NGP.  Click here for the link.