News

Cherington Capital and Carlyle/Riverstone Sell International Logging to Weatherford International

08/21/2008

Cambridge, MA— Cherington Capital announced today that it has sold its interest in International Logging, Inc. (“ILI”) to Weatherford International Ltd. Cherington, Carlyle/Riverstone Global Energy and Power Fund III and management acquired ILI in March 2006.  ILI subsequently made four add-on acquisitions between 2006 and 2007.  Headquartered in Houston, Texas, ILI provides oil and gas well-site geological logging services to customers in more than 55 countries from over 30 offices globally. Terms of the transaction were not disclosed.

Charles Cherington, a Managing Partner at Cherington Capital said, “ILI management has done an excellent job growing the business by broadening its service offering with new technology and expanding the company’s geographic footprint both domestically and internationally.  We wish Weatherford and the entire ILI team continued success.”

Lehman Brothers acted as financial advisor to International Logging, Inc.

About Cherington Capital LLC
Cherington Capital is a private equity firm which specialized in oilfield services investments.  In 2007, Charles Cherington joined forces with oilfield veteran Curtis Huff to form Intervale Capital.  In May 2008, Intervale closed its $280 million institutional fund, which also focuses exclusively on oilfield services and equipment investments.  To date, Intervale has made four investments from the current fund.  Cherington Capital continues to manage its existing investments, but all future investment activity will be conducted through Intervale Capital.

Contact:
For Cherington Capital LLC:
c/o Intervale Capital, LLC
Charles Cherington
617-497-8282