Light Tower Rentals, a company that specializes in providing rental equipment and services to the oil field industry, is exploring a sale that could bring as much as $700 million, Reuters is reporting. Citing unnamed sources, the report says that LTR is working with RBC Capital Markets to find a buyer for the Odessa, Texas-based company with more than 20 locations.
LTR primarily serves the oil-and-gas industry in Texas, but also has branches in North Dakota, Pennsylvania, Ohio, New Mexico, Arkansas and Oklahoma. In addition to, LTR provides power-generation equipment, portable accommodation units and specialty items for the oil and gas industry. The company was founded in 1994 and in 2008 took on Canadian financial firms Clairvest Group and McKenna Gale Capital as investors to finance expansion.
The Reuters report says LTR had about $85 million in annual EBITDA.