Press Release

Kirkland Counsels CSL Capital Management on Formation of Land Pressure Pumping Company

Kirkland & Ellis LLP advised CSL Capital Management on the creation of a pure-play North American land pressure pumping company with Baker Hughes Inc. (NYSE:BHI) and West Street Energy Partners (WSEP), a fund managed by the Merchant Banking Division of Goldman Sachs. The new company will leverage operational experience and industry expertise to provide customers with leading hydraulic fracturing and cementing services supported by the current Baker Hughes world-class technology portfolio. The full release is available here.

Upon closing, CSL Capital Management will contribute its Allied Energy Services platform, which provides hydraulic fracturing and cementing services on land in North America. CSL Capital Management and WSEP will together contribute $325 million in cash to the new company, of which $175 million will be used to strengthen its balance sheet and position it for growth, while the remaining $150 million will go to Baker Hughes. CSL Capital Management and WSEP together will own 53.3 percent of the new company, and Baker Hughes will retain a 46.7 percent ownership stake. The new company will operate under the BJ Services brand and be headquartered in Tomball, Texas.

The Kirkland team included corporate partners Andrew Calder, Rhett Van Syoc and Mark Ramzy and associates Jackie Kelso, Michael Cline and Patrick Samper.