Mid-market O&G services — $35M capital raise.

01Situation

A mid-market oil-and-gas services platform — completions, well-services, frac-support — running a tight two-bank capital stack that had served the business through the prior cycle but no longer matched the platform's scale or the geographic spread of the contract book. Two lenders had effectively become a concentration risk. The CEO wanted to refresh the lender group, add a mezzanine tranche to cover the next capex cycle, and run the process without disrupting an active contract bid. Our brief: build the package, run the lender process, close $35M of fresh capital across senior and mezzanine, and expand the lender count to five without breaking the relationships with the legacy two.

02The work

1. 01
   Capital-stack memo and bank book. Built the capital-stack memo from a clean trailing-twenty-four-month view of revenue by commodity exposure, contract book by counterparty, equipment-fleet age and utilisation, and the historical covenant performance across the prior cycle. Bank book was diligence-ready before the first conversation with a new lender.
2. 02
   Lender outreach — five new, two existing. Outreach to five new lender candidates across regional commercial, syndicated, and private credit. Existing two lenders briefed in parallel — they each agreed to participate in the refreshed stack at smaller positions, preserving the legacy relationship without holding the platform back on diversification.
3. 03
   Term-sheet sequencing. Three term sheets in week six, two more in week eight. Selected the senior package from a regional commercial lender at competitive pricing, and the mezzanine tranche from a private-credit shop with experience in the commodity vertical. Both lenders aligned on covenant package before the close negotiation.
4. 04
   Fourteen-day close. From signed term sheet to funded in fourteen days. Diligence pre-built; lender-counsel exchanges happened on a daily standing call rather than a weekly cadence; the platform CFO ran the same model in real time alongside both lenders during the final week.

03Result

Closed $35M of fresh capital — $25M senior, $10M mezzanine — at competitive pricing for the cycle. Lender count expanded from two to five, with the legacy two retained at smaller positions. The fourteen-day close cycle is now the platform's reference benchmark for any future capital raise. The mezzanine tranche covered the next two years of the equipment-capex programme without further refinancing pressure, and the diversified lender group held its position when the platform tested two of the new covenants in the cycle that followed. The CEO has retained the fractional-CFO advisory through the next planned raise.