Parallel Investment Partners Completes Final Realization of Successful Investment in Accelerated Companies

Parallel Investment Partners LLC (“Parallel”), a Dallas-based private investment firm, today announced the final exit of its successful investment in Accelerated Companies LLC (“Accelerated”) through its sale to Dover Corp. (NYSE: DOV) on September 30 for a purchase price of $430 million. Dover Corp. announced the sale on October 2. Parallel, which held its interest in Accelerated through Trilogy Production Equipment LLC (“Trilogy”), had earlier sold the majority of its interest in Accelerated via a recapitalization in partnership with White Deer Energy in January 2012. Following the White Deer recapitalization, Parallel had retained a considerable interest in the company.

Trilogy was formed in August 2008 with the simultaneous acquisition of the hydraulic lift operations of Central Hydraulics Inc. and fabricator, Products Fabrication Inc., providing the platform to create an industry-leading artificial lift and fluids handling services provider. Over the course of Parallel’s investment, Trilogy/Accelerated completed ten strategic acquisitions and grew its revenue from approximately $30 million in 2008 to an estimated $225 million in 2014. 

“Our experience with the Accelerated team and platform was great for both our investors and Parallel; the investment exemplifies our team’s capabilities in energy services,” said Barron Fletcher, Founder and Managing Partner of Parallel. “To be clear, CEO Brad Goebel, David Zachariah, and their team at Accelerated contributed enormously to this outcome, collaborating to devise the Accelerated strategy and executing it to near perfection.” 

Parallel’s investment in Accelerated returned over 5x its invested capital to investors, representing another strong realization for Parallel’s second fund, Parallel 2005 Equity Fund LP, which had capital commitments exceeding $230 million. Parallel and Barron Fletcher have sponsored several other successful investments in energy services, including Benetech, JetStar Energy Services and WG Energy.

“Our partners at White Deer were instrumental in supporting Accelerated’s growth initiatives and our ultimate sale to Dover,” Fletcher said. “The Accelerated story is a great example of how partnerships among private equity firms and management can really work.”

Accelerated will become part of Dover Artificial Lift, a business unit within Dover’s Energy segment. The acquisition will strengthen Dover’s position in the artificial lift market and U.S. shale development market.

 

About Parallel Investment Partners LLC

Parallel Investment Partners is a leading, growth-oriented private equity firm focused exclusively on investing in North American lower middle-market growth companies. Since 1992, Parallel’s principals have invested over $600 million of equity capital in over 35 owner-operated growth companies. Parallel partners with vibrant companies that are seeking liquidity or dynamic growth solutions.