Current Eschelon Advisors, Eschelon Energy Partners, and Affiliates
- Crescent Pass Energy, Cypress, Texas
Description: Talara Capital Management portfolio company focused on Haynesville and East Texas oil and gas production. - Encap Energy Fund XI, Houston, Texas
Description: Leading provider of growth capital to the upstream and midstream sectors of the U.S. oil and gas industry. - Encap Energy Fund XII, Houston, Texas
Description: Leading provider of growth capital to the upstream sector of the U.S. oil and gas industry. - Encap Flatrock Fund IV, San Antonio, Texas
Description: Leading provider of growth capital to the midstream sector of the U.S. oil and gas industry. - Enchant Energy Corporation, Farmington, New Mexico
Description: Private carbon capture and storage company developing projects at coal fired mine mouth power plants in the Western U.S. - Itron, Inc. (NASDAQ: ITRI), Liberty Lake, Washington
Description: Itron is a leading worldwide supplier of comprehensive hardware and software solutions for energy and water providers. Key products and services include smart meters, communications networks, and enterprise-wide software platforms and real-time analytic and control applications. Eschelon Managing Partner Tom Glanville has served as a director of Itron since 2001 when it was a Reliant portfolio company. He served as Chairman of this board’s Audit Committee from 2013 to 2020 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. - Lexington MMI IV, New York, New York
Description: Lexington’s most recent diversified fund acquiring U.S. growth capital, small, and middle market buyout interest through negotiated secondary market purchase of interest in established funds that are less than 50% invested. - Lexington IX, New York, New York
Description: Diversified portfolio of interests in global private equity and alternative investment funds through negotiated secondary market purchases. - Lexington X, New York, New York
Description: Latest diversified portfolio of interests in global private equity and alternative investment funds through negotiated secondary market purchases. - MIND Technology, Inc. (NASDAQ: MIND), The Woodlands, TX
Description: Provides technology to the oceanographic, hydrographic, defense security, and seismic industries. Eschelon’s Managing Partner has served as a director of Mitcham since 2015 and chairs its Audit Committee. - 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, Texas
Description: 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 in 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. Hydrogenics was sold in 2019 to Cummins.
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