Beaumont, Texas, Sept. 30, 2016 (GLOBE NEWSWIRE) --
FOR IMMEDIATE RELEASE
SEPTEMBER 30, 2016
Tiger Rentals Closes $135 Million Financing;
Includes $110 Million Term Loan from Orion Energy Partners
and $25 Million Revolving Credit Facility from J.P. Morgan
Beaumont, TX – Tiger Rental Group, LLC (together with its affiliated companies, “Tiger Rentals” or the “Company”) has closed on $135 million in financing, consisting of a $110 million senior first lien term loan with Orion Energy Partners, L.P. (together with its affiliated funds, “Orion Energy”) and a $25 million working capital revolving credit facility with JPMorgan Chase Bank, N.A. (together with its affiliates, “J.P. Morgan”).
Tiger Rentals is a global leader in providing equipment rental and safety services to the energy industry. The Company serves a highly diversified customer base including major oil companies, refiners and petrochemical companies, and energy services companies. Tiger is a wholly owned subsidiary of The Modern Group, Ltd (together with its affiliated companies, “The Modern Group”).
“Tiger Rentals is pleased to partner with Orion Energy and J.P. Morgan to put in place a capital structure that will allow us to expand our global industry leadership in energy-related equipment rental and services,” said Colby Crenshaw, President of Tiger Rentals. “Tiger is now optimally positioned to service our customers and grow the business in any energy market environment.”
“Orion Energy is thrilled to announce a partnership with Tiger Rentals and The Modern Group. Tiger has thrived throughout various market and commodity price environments and its products and services are critical to companies across the energy value chain. This transaction will allow Tiger to take advantage of a variety of opportunities to continue to grow and evolve the business,” said Rob Rusk, Co-Founder and Partner of Orion Energy.
“This investment, our first, is a great example of Orion Energy’s approach of combining energy industry knowledge and creative capital to partner with an industry leader,” said Nazar Massouh, CEO of Orion Energy.
J.P. Morgan acted as exclusive placement agent to Tiger Rentals in connection with the term loan from Orion Energy and Kirkland & Ellis LLP acted as legal advisor to Tiger Rentals. Latham & Watkins LLP acted as legal advisor to Orion Energy.
Contact:
James Reddinger, CFO
Tiger Rentals
(409) 832-9336
jim.reddinger@modernusa.com
Colby Crenshaw, President
Tiger Rentals
(409) 832-9336
colby.crenshaw@modernusa.com
About Tiger Rental Group
Tiger Rentals is a leading international provider of offshore oilfield equipment rental services (Tiger Offshore Rentals), onshore equipment rental services to the E&P, midstream, and petrochemical sectors (Tiger Industrial), and energy-related safety equipment rental and services (Tiger Safety). For more information, visit www.TigerRentals.com.
Tiger Offshore provides specialty transport tanks and logistics equipment rental to the offshore oil and gas market. Our equipment is used to safely transport, store and process drilling fluids, liquids, waste, tools, refrigerated goods, dry goods, and more. Our fleet includes cargo carrying units, baskets, boxes, containers, tanks and vessels. We also offer slings & rigging, mixing units, mud tank packages, flooring, rotating equipment, and waste services. Tiger provides a full array of equipment and services solutions to customers in North America, South America, Africa, and the Middle East. For more information, visit www.TigerOffshoreRentals.com.
Tiger Industrial is a leading provider of rental equipment and services to the upstream, midstream, and downstream energy, chemical, and processing sectors. We have multiple locations in the US that offer a full range of high-quality equipment for pumping, cleaning, shelter, flooring, and power generation. Our fleet includes blast resistant buildings, heavy duty pumps, portable generators, pressure washers, lighting, and ECOmatTM flooring solutions. For more information, visit www.TigerIndustrialRentals.com.
Tiger Safety offers the domestic and international oil & gas industry a full array of safety equipment and services. Our company is backed by years of safety industry knowledge and experience. Equipment and services offered include H2S safety, confined space and rescue, well testing equipment, cameras and communication, personal protective equipment, lighting equipment, safety trailers, and rotating equipment. For more information, visit www.TigerSafetyRentals.com.
About Orion Energy Partners
Orion Energy Partners is a credit-oriented private equity firm focused on providing creative capital solutions to middle market energy infrastructure businesses across North America and select international markets with a focus in the midstream, conventional electric power, renewable energy and storage, downstream, asset-heavy energy services, and upstream sectors. Its management has substantial experience leading successful energy companies and energy infrastructure investments. For more information, visit www.OrionEnergyPartners.com.