Pine Brook, an investment firm focused on building businesses in the energy and financial services sectors, has provided a $100 million line of equity investment in Cahill Services LLC. Headquartered in Houston, Texas, Cahill will provide specialty rental services to customers in the oil and gas, refining, industrial, petrochemicals, utilities, and related industries.
Cahill's management team is focused on acquiring existing specialty rental services companies, and integrating them into a unified platform for growth. The company is actively evaluating a number of potential acquisitions.
George Walker will serve as Cahill’s CEO. He previously spent 27 years working for specialty rental company Aggreko, most recently serving as president of the North America region and as executive director of the Aggreko board.
Joining Walker at Cahill are industry veterans Derek Foster, who will serve as Cahill's CFO, and Keith Sanner, who will be vice president of business development. Foster also worked at Aggreko, most recently as senior vice president of finance for Aggreko Americas. Sanner, who also worked at Aggreko for more than 25 years, has over 32 years of experience in the industrial service and maritime sectors.
Last year, Pine Brook announced the final closing of its second fund, Pine Brook Capital Partners II LP, with total capital commitments of $2.43 billion. Similar to the firm's debut fund, Fund II targets investments in new and growing companies in the financial services and energy sectors. Pine Brook typically finances these businesses with equity rather than debt, and often uses a line of equity funding structure in which a multi-year business plan is matched with a long-term capital arrangement.