Carlyle/Riverstone Global Energy and Power Fund III has sold its stake in International Logging, which provides oil and gas well-site geological logging services from offices in Asia, South America and Africa, to Weatherford International.
The fund, along with Cherington Capital and the company’s management, acquired International Logging in March 2006, and it subsequently made four acquisitions during 2006 and 2007. Terms of the sale to Weatherford were not disclosed; Lehman Brothers acted as financial advisor to the company.
“International Logging, a leader in its specialised field, is an outstanding company that proved to be an excellent investment,” says Riverstone Holdings managing director Greg Beard. “We wish Weatherford and the management team continued success.”