Houston – Quorum Business Solutions Inc., a provider of business and information technology solutions for the oil, gas, and renewable energy industry, has received capital investments from The Carlyle Group, a global alternative asset manager, and Riverstone Holdings LLC, an energy-focused private equity firm. Financial terms were not disclosed.
R. Scott Leeds, the company’s long-serving president and a co-founder, has assumed the title of CEO, 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 COO.
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 & Co. 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 LP, Carlyle’s North American growth equity fund; Riverstone/Carlyle Global Energy & Power Fund IV LP; and management.
Source: Quorum Business Solutions Inc.