Glencoe Capital has said that its Michigan Opportunities Fund has closed the acquisition of an equity investment Arrow Energy Services, a national oil field services company.
Nathan Conway, CEO at Energy calls this acquisition a “smart move” that is going to benefit both Arrow and Glencoe. He said that Glencoe's investment provides the capital, financial, and business expertise necessary to continue accelerating business and driving growth.
Established more than nine years ago, Kalkaska, Mich.-based Arrow Energy has been serving customers in the Midwest and Northeastern United States. Company officials said that most of their 90 employees are based in Michigan and a large portion of the well servicing operations take place in the state.
David Evans, chairman at Glencoe Capital, believes that America's gas and oil production will continue to grow well into the 21st century.
“As a value-added provider of key energy and oil field services, Arrow is uniquely positioned to benefit from these energy trends nationwide,” Evans said.
This latest investment in Arrow Energy is the eighth in a string of investments by Glencoe Capital’s Michigan Opportunities Fund. In addition to Arrow Energy, the company has announced its investment in Encore Rehabilitation Services, Campbell Grinder, Flatout, NOVO 1, Moosejaw, Budco and American Education Group.
“We are proud to invest in Michigan-based businesses,” said Jason Duzan, managing director at Glencoe Capital, adding that Arrow has developed strong customer and employee relationships in Michigan, and across the eastern United States.
“Employees take pride in their work which has resulted in a long history of successful projects, generating excellent customer relationships,” Duzan said.
Founded in 1993, Glencoe Capital is a private equity firm focused on lead-sponsored acquisitions and growth equity investments in lower middle-market companies.
Earlier in December, Glencoe Capital's Michigan Opportunities Fund closed on the equity investment in Encore Rehabilitation Services.
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Edited by Rich Steeves