Energy and industrial private equity firm
Black Bay Partners
Formerly Black Bay Energy Capital
- HeadquartersNew Orleans, LA S1
- Websiteblackbaypartners.com
- Last verifiedNovember 3, 2026
At a glance
| Latest fund | Black Bay Fund III, $425M (Jan 2026) S4 |
|---|---|
| Deal types | Platform, Minority, Growth S2 |
| Geography | North America S2 |
| Sectors | Industrial & Manufacturing |
What Black Bay Partners buys
Black Bay Partners, known until recently as Black Bay Energy Capital, is a New Orleans private equity firm with a second office in New York. It invests in energy and related industrial companies: oilfield equipment and services, specialty chemicals and catalysts, midstream infrastructure, and technology used by energy and utility operators. It wants profitable businesses with good margins, steady cash flow and a proven management team, mostly in North America, and it uses debt carefully.
Most of its deals are control investments, but it will take a minority stake. It does not publish an EBITDA or revenue range. Its third fund closed at a $425 million hard cap in January 2026, and the firm says it has raised more than $850 million in total. Deals range from founder-owned companies to corporate carve-outs, such as the Merichem catalyst business in 2024, and early-stage projects like a Texas gas storage hub. A smaller company may fit best by merging into a current holding, as Fleaux Services did with SCS Technologies in 2026.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Advanced Industrial DevicesMajority stake sold to Kohlberg after about four years; management keeps a significant ownership interest | Exit | Industrial & Manufacturing | Source |
| May 2026 | Fleaux ServicesMerged with SCS Technologies to form SCS Industrials, an energy and industrial equipment supplier | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | Gulf Coast Midstream PartnersInvestment to help develop a natural gas storage hub in Southeast Texas | Investment | Source | |
| Mar 2026 | AltaraPartnership to expand Altara's H2S treatment offering for oil, gas and water production | Investment | Industrial & Manufacturing | Source |
| Jan 2026 | Black Bay Fund IIIThird fund closed at its $425 million hard cap | Fund close | Source | |
| Mar 2025 | ScopeStrategic investment to scale an AI inspection platform for utilities and heavy industry | Growth | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S3.
Select Portfolio Companies
- ADS Services
- Allied Petrochemical
- Altara
- Capture Energy
- Clean Chemistry
- Enovate AI
- Gulf Coast Midstream Partners
- Merichem Technologies
- SCS Technologies (SCS Industrials)
- Scope
Past investments: Downhole Chemical Solutions, Advanced Industrial Devices, Altitude Energy Partners, NEXGEN Chemical Technologies, Piñon Midstream, Total Operations and Production Services
Greymont’s take
How Black Bay Partners fits a seller
Black Bay suits owners of profitable oilfield service, energy equipment and specialty chemical businesses who want a buyer that already knows their customers and the ups and downs of the energy cycle. It also looks at industrial technology companies that sell into utilities and other heavy industry. Because it will take a minority stake, an owner who wants to keep control may still find a fit.
The firm's recent exit shows how a sale to it can play out. It held Advanced Industrial Devices for about four years, helped it move into data center, water and power markets, and then sold a majority to Kohlberg in October 2026 while management kept a significant stake. Earlier sales went to Enterprise and to funds managed by Apollo affiliates. An owner should ask whether the firm sees the company as a control or minority deal and how long it expects to hold it.
Questions owners ask
What kinds of companies does Black Bay Partners invest in?
Energy and related industrial companies, including oilfield equipment and services, specialty chemicals and catalysts, midstream infrastructure, and technology for energy and utility operators. It looks for profitable businesses with strong cash flow and proven management.
Does Black Bay only buy control of a company?
Mostly. Its investment profile says it primarily makes control investments but will consider minority investments, and it backed Scope in 2025 with what both sides called a strategic investment.
How much capital does Black Bay have?
Its third fund closed at a $425 million hard cap in January 2026. In October 2026 the firm said it was investing from that fund and had more than $850 million in cumulative committed capital.
Sources
- S1Black Bay Partners home page Accessed November 3, 2026
- S2Black Bay Partners: Why Black Bay and Investment Profile Accessed November 3, 2026
- S3Black Bay Partners: Portfolio Partners Accessed November 3, 2026
- S4Black Bay Partners: News (headlines and dates, 2017 to 2026) Accessed November 3, 2026
- S5Kohlberg Acquires Advanced Industrial Devices (October 6, 2026) Accessed November 3, 2026
- S6blackbayenergy.com (former Black Bay Energy Capital domain, redirects to blackbaypartners.com) Accessed November 3, 2026
- S7Gulf Coast Midstream Partners Secures Investment from Black Bay Partners Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Black Bay Partners. Figures are as reported on the dates shown and may have changed. Request a correction