An oilfield worker walks past the Statoil oil sands facility near Conklin, Alta., in this 2011 file photo.Todd Korol/Reuters
KERN Partners Ltd., the Calgary-based private-equity firm, has changed its name to reflect its change in leadership.
The company, which has numerous energy-focused investments, is now known as Azimuth Capital Management.
The firm decided to rebrand after co-founder Pentti Karkkainen left the firm. Mr. Karkkainen had gradually stepped back from day-to-day operations. Another founder, Vincent Chahley, left more than a decade ago. The name KERN was made up from the initials of the founders' children.
"The change in name is intended to reinforce our commitment to working closely with our limited partners and portfolio companies in navigating the dynamic energy environment," the company said in a statement.
Azimuth has $1.6-billion under direct management and another $1.7-billion of commitments in a co-investment program. Its holdings include stakes in such companies as Seven Generations Energy Ltd., Altex Energy and Black Swan Energy.
Last week it announced it had bought into heavy oil producer Kaisen Energy Corp.
Jeffrey Jones