CSL Capital Management: Patriot Proppants (B)
This two-part case series follows CSL Capital's 2009 investment in the greenfield manufacturing company, Patriot Proppants. CSL, a recently established investment firm, employs a unique investment model, funding new ("greenfield") energy service businesses that serve Oil & Gas customers in the growing U.S. shale industry. Case (A) offers a perspective on CSL's approach to deploying capital and the intricacies of the decision process as it relates to a potential investment in Patriot. Case (B) is shorter and focuses on an unsolicited offer from a strategic buyer, roughly one year after the initial deal closed. This case offers an opportunity to reflect on investment value-add for CSL, exit strategies, and fundraising issues.