Layne Christensen sold all of the exploration and production assets of its Energy Division to LR Energy, a portfolio company of Longroad Capital Partners III, for $15 million, the company announced Oct. 1.
"This transaction reflects our strategy to transform
Layne into a leading sustainable solutions provider to the world of essential
natural resources-water, mineral and energy,” said Rene Robichaud, chief
executive officer of Layne Christensen.
Robichaud said although Layne Christensen is exiting the
energy production business, they intend to be in the oil and gas services
business for the foreseeable future, seeing a significant opportunity to build
a total water management solutions business under the Layne Energy Services
banner. The goal is to sustainably
address the critical water issues challenging the E&P industry, Robichaud
“We plan to develop this business into a $200 million
revenue enterprise over the next three to five years," Robichaud said.
Layne Christensen Sells Energy Exploration and Production Assets
October 5, 2012