Press Release

Remvest Energy Services and Linzor Capital Partners Complete Equity Transaction to Pursue Oilfield Services in Colombia

May 22, 2013

HOUSTON, May 22, 2013: Linzor Capital Partners and Remvest Energy Services Ltd. closed an equity contribution in exchange for control of Remvest Energy Services, S.A. (Remvest Colombia) as part of an initial capital commitment that will allow Remvest Colombia to fund its long term business plan. The transaction contemplates the investment by Remvest Colombia in existing operating assets and opens the door for Remvest Colombia to acquire and manage other energy assets in Colombia. 

Remvest Colombia was launched in 2012 to pursue oilfield services in Colombia.  The company currently operates over 15 megawatts of power generation in the Llanos Basin. Concurrent with the transaction, the company name in Colombia will be changed to R2 Energy Solutions.

Linzor Capital Partners is a leading mid-sized private equity manager focused on Latin America. Linzor Capital targets middle market companies in the region with primary focus on Chile, México, Argentina, Colombia and Perú. The firm operates out of four offices in Santiago, Mexico City, Buenos Aires and Bogotá. Linzor Capital currently manages investments and commitments in excess of $600 million.This transaction is Linzor Capital's first investment in the energy sector in Latin-America.

"We look forward to growing a successful oil field service business in Colombia with Linzor Capital" said Avik Dey, Co-Founder, President & CEO of Remvest Energy Services Ltd. "Our ability to serve our clients with world-class staff and industry leading technology is further strengthened by Linzor's investment" said Michael Williams, Co-Founder and Executive Vice President of Remvest Energy Services Ltd.

"We have been evaluating the oilfield services industry for some time and are convinced field infrastructure services and especially power generation are an attractive platform for growth as it provides compelling value and cost savings to its clients during the production stage of the fields. We believe we have partnered with an experienced management team that can take advantage of this opportunity." said Carlos Gomez, Partner at Linzor Capital.

Prietocarrisoza, through partner Felipe Cuberos and associate Cristina Moure, acted as lead counsel for Linzor Capital Partners. Morgan Lewis, through partner Rodrigo Dominguez and associates Humberto Padilla and Emilio Grandio, acted as counsel to Remvest Energy Services, Ltd. 

Arias, Fabrega & Fabrega acted as Linzor's counsel in Panama, DSM Di Stefano Moyse acted as Linzor's counsel in Luxemburg, and CMS von Erlach Henrici Ltd acted as Linzor's counsel in Switzerland.