We advised LSV on the transaction

Davis Polk advised LSV Advisors, LLC in connection with its investment alongside White Deer Energy in Cust-O-Fab.

LSV is a New York-based special situations secondaries manager, registered with the SEC, with approximately $4 billion in assets and commitments under management (as of September 30, 2025) on behalf of institutional, family office and other clients worldwide. LSV and its affiliates provide fund managers and investors with a wide variety of restructuring and liquidity solutions across all types of investment funds.

Since 1972, Cust-O-Fab has been a leader in custom heat exchanger fabrication and industrial services, providing ASME Code-compliant solutions. With a focus on quality, safety and innovation, Cust-O-Fab, headquartered in Tulsa, Oklahoma, serves critical end markets from its Gulf Coast and Midwest facilities, ensuring operational reliability for customers nationwide.

Founded in 2008, White Deer has raised $3 billion of capital through multiple privately managed partnerships. Its portfolio companies span the energy value chain, from businesses supporting domestic energy production to the infrastructure required to move and store energy products to firms involved in energy transition market segments.

The Davis Polk investment management team included partner Leor Landa, counsel Michael W. Brasher and associates Harrison Perry and Christina Fallon. Partners Kara L. Mungovan and Ethan R. Goldman and associates Ziyuan (Constance) Zhang and Zoey Chau provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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