Quorum Business Solutions, Inc. Receives Significant Capital Investment From The Carlyle Group and Riverstone Holdings
Houston, TX (PRWEB) August 2, 2010
Quorum Business Solutions, Inc., a leading provider of business and information technology solutions for the oil, gas, and renewable energy industry, today announced that The Carlyle Group, the global alternative asset manager, and Riverstone Holdings LLC, the energy-focused private equity firm, have made a significant capital investment in the company. Financial terms were not disclosed.
Quorum also announced that R. Scott Leeds, its long-serving President and a co-founder, has assumed the title of Chief Executive Officer, succeeding co-founder Paul Weidman, who will remain Chairman. Also, 11-year Quorum veteran and former Chief Commercial Officer, Perry Turbes, has assumed the title of Chief Operating Officer.
Quorum’s Weidman and Leeds said, “In partnership with Carlyle and Riverstone we will build upon our track record of continuous enhancement and extension of our offerings, developing our people and working closely with our clients to ensure their success. With their respective experience in technology-related services and the energy industry, Carlyle and Riverstone bring additional skills, capital and relationships to Quorum, which will fuel our growth and commitment to our valued clients and employees.”
Founded in 1998, Quorum employs more than 350 staff operating out of offices in Houston, Dallas and Calgary and has ongoing relationships with more than 100 clients, including 25 Fortune 500 companies.
Carlyle Managing Director Steve Bailey and Senior Advisor Charles Rossotti said, “Quorum is an innovative company with a remarkably loyal and satisfied customer base. Carlyle’s capital infusion and growth technology track record will foster Quorum’s continued growth as well as the breadth and depth of their product offerings.”
Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone said, “Quorum is one of the top providers of software and services for the energy industry and is well positioned for continued growth. Riverstone is pleased to work with the team at Quorum to build on the company’s history of success, providing quality solutions and first class customer service.”
Acquisition financing was arranged by Silicon Valley Bank. Quorum was advised by Revolution Partners, a division of Morgan Keegan & Company, Inc., and Hogan Lovells US LLP. The Carlyle Group and Riverstone Holdings LLC were advised by PricewaterhouseCoopers and Latham & Watkins LLP.
Equity capital for this transaction came from Carlyle Growth Partners III, L.P., Carlyle’s North American growth equity fund; Riverstone/Carlyle Global Energy & Power Fund IV, L.P.; and management.
About Quorum Business Solutions, Inc.
Quorum develops, implements, and supports the Quorum Energy Software Suite, a set of integrated business applications designed for companies that produce, gather, transport, process and market oil, natural gas, natural gas liquids, LNG, wind generation and other energy commodities. The inherent integration of the suite allows the products to work together to facilitate straight through processing of the full energy value chain. For more information, visit Quorum’s web site at www.qbsol.com.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $ 90.5 billion of assets under management committed to 67 funds as of March 31, 2010. Carlyle invests across three asset classes – private equity, real estate and credit alternatives – in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $ 60.6 billion of equity in 969 transactions. The Carlyle Group employs more than 880 people in 19 countries. In the aggregate, Carlyle portfolio companies have more than $ 84 billion in revenue and employ more than 398,000 people around the world. www.carlyle.com
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $ 17 billion under management across six investment funds, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $ 14.4 billion to 69 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
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