Predict your next investment

Private Equity
cslenergy.com

See what CB Insights has to offer

Investments

12

Portfolio Exits

1

Funds

7

About CSL Capital Management

CSL is a private equity firm providing growth capital to energy services companies in the U.S. and abroad. CSL has a well-established track record of backing experienced entrepreneurs to build high-quality energy services companies. The firm has raised more than $650 million of equity capital and commitments across a variety of investment vehicles and is currently investing out of the CSL Energy Opportunities Fund I, L.P. a $300 million fund. CSL has offices in Houston, Texas, and Greenwich, Connecticut.

CSL Capital Management Headquarter Location

411 W Putnam Ave Suite 109

Greenwich, Connecticut, 06830,

United States

203-987-6010

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest CSL Capital Management News

Ranger Energy Services, Inc. : Agrees to Acquire Basic Energy Services Assets From Chapter 11 Bankruptcy

Sep 17, 2021

09/16/2021 | 05:25pm EDT Message : *Required fields Ranger Energy Services, Inc. (NYSE: RNGR) (the “Company”) today announced that its controlled subsidiary Ranger Energy Acquisition, LLC (the “Buyer”) was selected as the successful bidder at an auction to acquire certain assets of Basic Energy Services, Inc. and its subsidiaries (“Basic”). The Buyer’s winning bid at a competitive auction conducted by Basic under section 363 of the U.S. Bankruptcy Code was for a cash purchase price of $36.65 million and includes Basic’s business lines outside the State of California (excluding the water logistic business), specifically all assets within the well servicing service line, all assets within the fishing and rental tool service lines, all assets within the coiled tubing service line, all rolling stock assets required to support the operating assets being purchased and real property locations inclusive of, but not limited to, real property owned in New Mexico, Oklahoma and Texas. The Company currently expects to pay the cash purchase price with proceeds from the private placement described below. Stuart Bodden, President and Chief Executive Officer of Ranger stated, “We are very pleased to continue the expansion of our scale and scope with this latest acquisition. Combined with the Patriot and PerfX transactions earlier this year, the Basic assets strengthen our ability serve clients in our markets and to drive ongoing growth in both revenue and free cash flow.” The closing of the transaction is subject to various conditions, including approval by the bankruptcy court. A hearing to seek court approval is scheduled for September 23, 2021, and the transaction is expected to be concluded by the end of September 2021. The Company expects to hold an investor call and provide additional information regarding the transactions described herein in connection with the closing. Credit Facility The Company today announced that its controlled subsidiary RNGR Energy Services, LLC (“Ranger LLC”) received a debt commitment letter from Eclipse Business Capital LLC and Eclipse Business Capital SPV, LLC with regard to a new $77.5 million credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility. The closing of the credit facility is subject to various conditions including entry into definitive documents and, with respect to the term loan B facility, the simultaneous close of the Basic asset acquisition. Ranger LLC currently expects to use a portion of the proceeds received from the revolving credit facility to pay off existing indebtedness. The credit facility is available at the Company’s option and would be pledged against certain asset sales. Private Placement The Company today announced that it entered into a definitive agreement on September 10, 2021, with several purchasers to issue an aggregate amount of $42 million of shares of its newly issued Series A Convertible Preferred Stock (the “Preferred Stock”). The Preferred Stock will be non-voting except under certain limited circumstances. In connection with the private placement, the Company has also agreed to grant customary registration rights to the purchasers. The Preferred Stock will automatically convert into shares of Class A Common Stock of the Company upon the later of (i) receipt of stockholder approval, which the Company expects to seek at a special meeting of stockholders following the closing of the transaction, or (ii) the effectiveness of the shelf registration statement, which the Company expects to file as soon as practicable following the Closing, to register the shares of Class A Common Stock convertible from the Preferred Stock. Affiliates of CSL Capital Management, L.P. (“CSL”) and Bayou Well Holdings Company, LLC (“Bayou”) have agreed to vote in favor of the preferred stock conversion. The closing of the private placement is subject to various conditions, including the simultaneous close of the Basic asset acquisition. The Company is expected to contribute a portion of the proceeds received from the private placement to the Buyer to fund the Basic asset acquisition. Tax Receivable Agreement Termination and Class B Redemption The Company today announced that it entered into a definitive agreement with affiliates of CSL and Bayou pursuant to which the Tax Receivable Agreement, dated August 16, 2017, was terminated, effective on September 10, 2021. In consideration of the termination of the Tax Receivable Agreement, the Company will issue an aggregate of 376,185 shares of Class A Common Stock of the Company to affiliates of CSL and Bayou. The shares will be issued upon receipt of stockholder approval, which the Company expects to seek at a special meeting of shareholders following the closing of the transaction. Affiliates of CSL and Bayou also consented to the redemption by Ranger LLC of their outstanding units in Ranger LLC and the redemption by the Company of corresponding shares of Class B Common Stock of the Company for an equivalent number of shares of Class A Common Stock of the Company, or cash, at the election of Ranger LLC or the Company, as the case may be. The redemptions are contingent on the closing of the private placement and the Basic asset acquisition. Following the redemptions, no shares of Class B Common Stock of the Company will be issued and outstanding. Advisors Piper Sandler is serving as exclusive financial advisor to the Company with respect to the Basic asset acquisition and sole placement agent with respect to the debt financing and private placement of Preferred Stock. Winston & Strawn LLP is serving as legal counsel to the Company. About Ranger Energy Services, Inc. Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The Processing Solutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, including the closings of the Basic asset acquisition, debt financing and private placement of Preferred Stock, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005911/en/ © Business Wire 2021

CSL Capital Management Investments

12 Investments

CSL Capital Management has made 12 investments. Their latest investment was in GoExpedi as part of their Series C on September 9, 2020.

CBI Logo

CSL Capital Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/16/2020

Series C

GoExpedi

$25M

No

1

8/19/2020

Seed

Connectus Global

Yes

4

12/16/2019

Series A

Machfu

$3.75M

Yes

13

12/11/2019

Series A

Subscribe to see more

$99M

Subscribe to see more

10

11/20/2019

Series B

Subscribe to see more

$99M

Subscribe to see more

10

Date

9/16/2020

8/19/2020

12/16/2019

12/11/2019

11/20/2019

Round

Series C

Seed

Series A

Series A

Series B

Company

GoExpedi

Connectus Global

Machfu

Subscribe to see more

Subscribe to see more

Amount

$25M

$3.75M

$99M

$99M

New?

No

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

4

13

10

10

CSL Capital Management Portfolio Exits

1 Portfolio Exit

CSL Capital Management has 1 portfolio exit. Their latest portfolio exit was BJ Services on September 04, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/4/2020

Acq - Fin - II

$99M

1

Date

9/4/2020

Exit

Acq - Fin - II

Companies

Valuation

$99M

Acquirer

Sources

1

CSL Capital Management Acquisitions

3 Acquisitions

CSL Capital Management acquired 3 companies. Their latest acquisition was Vericor Power Systems on August 12, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

8/12/2021

$99M

Acq - Fin

1

1/3/2017

Debt

Subscribe to see more

$99M

Subscribe to see more

10

4/27/2012

Subscribe to see more

$99M

Subscribe to see more

0

Date

8/12/2021

1/3/2017

4/27/2012

Investment Stage

Debt

Companies

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

Subscribe to see more

Subscribe to see more

Sources

1

10

0

CSL Capital Management Fund History

7 Fund Histories

CSL Capital Management has 7 funds, including CSL Ventures.

Closing Date

Fund

Fund Type

Status

Amount

Sources

2/8/2022

CSL Ventures

$12.6M

2

11/2/2018

CSL Energy Opportunities Fund III

Subscribe to see more

Subscribe to see more

$99M

10

11/14/2016

CSL Completions Co-Invest

Subscribe to see more

Subscribe to see more

$99M

10

10/16/2015

CSL Energy Opportunities Offshore Fund II LP

Subscribe to see more

Subscribe to see more

$99M

10

2/4/2015

CSL Energy Opportunities Fund II

Subscribe to see more

Subscribe to see more

$99M

10

Closing Date

2/8/2022

11/2/2018

11/14/2016

10/16/2015

2/4/2015

Fund

CSL Ventures

CSL Energy Opportunities Fund III

CSL Completions Co-Invest

CSL Energy Opportunities Offshore Fund II LP

CSL Energy Opportunities Fund II

Fund Type

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Status

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Amount

$12.6M

$99M

$99M

$99M

$99M

Sources

2

10

10

10

10

CSL Capital Management Team

6 Team Members

CSL Capital Management has 6 team members, including current Chief Financial Officer, Gerald Cimador.

Name

Work History

Title

Status

Charles S Leykum

Founder

Current

Gerald Cimador

Chief Financial Officer

Current

John Griggs

Managing Director

Current

Abhinav Jain

Managing Director

Current

Imran Kizilbash

Schlumberger Technology Investments

Managing Director

Current

Name

Charles S Leykum

Gerald Cimador

John Griggs

Abhinav Jain

Imran Kizilbash

Work History

Schlumberger Technology Investments

Title

Founder

Chief Financial Officer

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

Current

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.