EnSource Energy Services Inc.
| Industry: |
Oil and Gas |
| Investment date: |
January 2000 |
| Acquired by: |
ONCAP I |
| Investment: |
C$18 million / C$5 million from Onex |
| Status: |
Realized |
| Final realization: |
December 2003 |
| Value realized: |
C$37 million / C$11 million by Onex |
| Gross IRR: |
22% |
| Head office: |
Calgary, Alberta |
The amounts above include Onex’ share of the carried interest and are net of any payments under the Management Investment Plan.
ONCAP I acquired and merged two private energy service companies to create EnSource Energy Services Inc. ONCAP I subsequently built EnSource through a series of strategic acquisitions, including the acquisition in 2000 of Enhanced Energy Services, a publicly traded company focused on small horsepower natural gas compression.
In 2002, ONCAP I merged EnSource with publicly traded Enerflex Systems Ltd. (TSX: EFX), a global provider of natural gas compression and power generation equipment and services.
In 2003, ONCAP I sold 100% of its stake in Enerflex in a series of sales in the public markets for total proceeds of C$37 million – an IRR of 22%.