H.I.G. Capital, LLC
1001 Brickell Bay Drive
Miami, FL 33131
H.I.G. Capital Recapitalizes Redfish Rentals, Inc.
MIAMI - August 1, 2006 - H.I.G. Capital, a leading Miami-based private equity firm, announced today the recapitalization of Redfish Rentals, Inc. Headquartered in Houma, Louisiana, Redfish is the leading provider of portable equipment rental services to the offshore oil and gas industry along the US Gulf Coast and in the Gulf of Mexico. The Company provides critical equipment that supports virtually any type of activity in the lifecycle of an offshore well. The Company’s equipment rental and maintenance services provide an essential link in the supply chain of the offshore oil and gas industry. Redfish operates six facilities along the Louisiana and Texas Gulf Coast.
H.I.G. partnered with management to consummate the transaction. "We are very excited to have H.I.G. as a partner to continue to grow and invest in our business," said Barry DeRoche, the Chief Executive Officer of Redfish. "There is significant opportunity to expand our capabilities with our outstanding customer base and to enter new markets. We look forward to working with H.I.G. to execute on these plans."
"We have partnered with an outstanding management team that has created a leading market position through relentless focus on customer service and performance" said Charles Hanemann, Managing Director of H.I.G. Capital and native of Houma, Louisiana. "They have an outstanding track record of success and we look forward to supporting significant fleet and geographic expansion plans."
About H.I.G. Capital
H.I.G. Capital, L.L.C. is a leading private equity and venture capital investment firm with more than $3 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently has a controlling interest in more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.