Black Bay, with NGP Energy Technology pedigree, closes in on $200 mln debut target

  • Firm spun out of NGP Energy Technology in 2016
  • Black Bay led by Michael Lebourgeois, Tom Ambrose and L. Guy Cook III
  • Fund I has raised $137 mln

Black Bay Energy Capital, launched by former NGP Energy Technology Partners executives, is more than halfway toward hitting the target of its debut fund for energy services companies, according to an SEC filing.

The firm has raised more than $137 million toward a stated target of $200 million, according to a March 1 SEC filing. San Francisco-based Probitas Partners is listed as working with the fund as placement agent.

Michael Lebourgeois, managing partner, and partners Tom Ambrose and L. Guy Cook III co-founded the firm in 2017. Lebourgeois previously led NGP’s Energy Technology’s oilfield services investments and Ambrose was a vice president at the group. Cook previously was an executive vice president at Superior Energy Services, a global oilfield services company.

NGP Energy Technology Partners, an affiliate of Carlyle Group’s strategic partner NGP Energy Capital Management, specializes in acquiring businesses that provide products or services to oil & gas, power or environmental businesses.

Black Bay invests in small and mid-market oilfield service sector companies, typically committing as much as $30 million per year. Black Bay already has three portfolio companies — ADS Services, Dynamic Chemical Solutions and SCS Technologies.

The firm did not respond to a request for comment.

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A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. Picture taken November 28, 2017. REUTERS/Essam Al-Sudani