The Blue Bear team combines experience from the world’s leading energy private equity firms with technology domain expertise and entrepreneurial perspective.

Ernst Theodor Sack

Partner

Ernst is the founding Partner of Blue Bear and leads the firm’s investment activities. From 2008 through 2016, Ernst was an investment professional at Riverstone, the world’s leading energy specialist private equity firm with $34 billion in assets under management and over 120 investments. His transaction experience includes deal sourcing, execution, financing, board-level monitoring, strategic acquisitions and exits across the oil, gas and renewable energy supply chain.

Since 2012 Ernst has been an active independent investor in technology-enabled businesses disrupting traditional industries. From 2006 to 2008, Ernst was an Analyst in the Mergers & Acquisitions team at Citigroup.

Ernst has participated on the Boards of Directors of over ten conventional and renewable energy companies. He is also a Venture Partner at Cimbria Capital, a private equity and growth capital firm focused on the water and agriculture industries.

Ernst graduated with honors from the School of Foreign Service at Georgetown University where he received a degree in Science, Technology & International Affairs and a certificate in Eurasian, Russian & East European Studies. He received his M.B.A. from Columbia Business School and London Business School through a joint degree program.

Contact: ernst@bluebearcap.com

Tim Kopra

Partner

Tim Kopra

Partner

Tim is a Partner of Blue Bear and will oversee the operational performance of portfolio investments. An engineer by training, since 1998 Tim has served in various leadership and operational roles at NASA including as Flight Engineer and Commander of the International Space Station. Tim has been responsible for numerous technology development, deployment, and operations programs including for Space Shuttle launch operations, Space Station hardware and communications systems, and spacewalk interface verification and testing.

Prior to NASA, Tim served in the US Army for 25 years as an Army aviator. He deployed to Operations Desert Shield and Storm and then commanded an AH-64 Attack Helicopter Company. Following studies at Georgia Tech and completing the US Navy Test Pilot School, Tim served as the Developmental Test Director for the Army’s Comanche Program until his assignment to NASA.

Tim is a former director for InfuSystem, Inc. His education includes a Bachelor of Science in Computer Science, United States Military Academy; Master of Science in Aerospace Engineering, Georgia Institute of Technology; Master of Strategic Studies, US Army War College; and Masters of Business Administration from Columbia Business School and London Business School.

Contact: tim@bluebearcap.com

Robert MacInnis, Ph.D.

Partner

Rob is a Partner and Chief Technology Officer of Blue Bear, overseeing elements of due diligence and portfolio company management, with a particular focus on software development and commercialization. As Founder and CEO of AetherStore and AetherWorks since 2010, Rob has led the design and build-out of multiple software solutions. He holds several patents in the sector, and his present research activity spans fields from drones and augmented-reality through to ‘fog computing’ and IoT.

In tandem with ventures in location-based advertising and online gaming software, Rob completed his post-graduate research at the University of St Andrews and was awarded his Ph.D. in 2010 for a thesis entitled “A Scalable Architecture for the Demand-driven Deployment of Location-neutral Software Services”.

Rob received a B.Sc. Honours (First Class) in Computer Science from the University of St Andrews in 2005. He serves as a member and treasurer of the board of trustees of the University of St Andrews American Foundation.

Contact: robert@bluebearcap.com

Thamer Balghonaim

Investment Analyst

Thamer Balghonaim

Investment Analyst

Thamer serves as an investment analyst for Blue Bear. He recently completed his MBA from IE Business School in Madrid where he specialized in Finance with a focus on valuation. Before his MBA, he worked as an analyst for a $2.5 billion family office where he researched investment opportunities in equities, fixed income, and real estate. He performed due diligence both on potential direct investments and on private equity fund managers for external capital allocations.

Prior to his family office experience, Thamer participated in a rotational program of key operational departments of Gulf International Bank including treasury operations, asset liability management reporting, country and counterparty credit and financial institutions.

Thamer holds a Bachelor of Science in Finance from Bentley University. He also participated in the Investment Banking Institute financial modeling and valuation training program in New York City.

Brian Iversen

Venture Partner

Brian Iversen

Venture Partner

Brian is a Founder and Managing Director of Cimbria Capital. He is based in Houston, Texas.

Prior to founding Cimbria Capital, Brian became an acknowledged specialist in private equity and portfolio company management at Riverstone Holdings, one of the world’s largest and most successful private equity firms in the energy industry. At Riverstone he focused on the renewable energy and the sustainable agriculture industries as well as certain oil and natural gas services sectors. During his eight-year tenure at Riverstone, Brian participated on and led specialized investment teams that invested and managed equity capital of nearly $2 billion into companies located in the Americas and Europe.

Prior to joining Riverstone, Brian was a Sr. Financial Analyst with Seabulk International, a Riverstone portfolio company primarily engaged in the offshore oil and gas and marine industries. Most recently, Brian’s was the President and CEO at AG Global where he led an experienced production and sales team in the organic and natural agriculture industry. Brian was appointed CEO of AG Global to re-shape the company’s overall structure, business plan, and team. AG Global is today a profitable company with promise in the North American agriculture and in the home and garden retail industry.

Brian serves on the Board of Directors of AG Global Canada, L.P. and Florida Design Drilling, LLC (water industry). He previously served on the Boards of Directors of Amaizeingly Green Value Products ULC, Amaizeingly Green Products L.P, Green Earth Fuels LLC, Patagonia Bioenergia SA, ReEnergy Holdings LLC, Sustainable Oils LLC, Frontier Drilling Holdings, and Seajacks International.

Brian received his B.S.B.A., magna cum laude, in finance from University of Central Florida. He received in 2015 a Notable Knight Award from his Alma Mater. He also served as a First Lieutenant in the Royal Danish Army for three years prior to coming to the United States in 2000.

Brian is married with two daughters. He is a former soccer player who participated on University of Central Florida’s NCAA Division I soccer team and represented Denmark in 25 youth national team soccer games.

Mark Leggett

Venture Partner

Mark Leggett

Venture Partner

Mark has over 30 years in the energy and infrastructure engineering, construction and maintenance industry. He is the Founder and CEO of Square 1 Limited, which supports investors with business turnaround, improvement and growth.

Prior to Square 1, Mark was Senior Vice President of Marubeni Offshore Power (interim exec) and CEO of Aker Solutions and Global Marine Energy. He has served on the boards of Aker, Nuclear Decommissioning Authority, Global Marine Energy, Pacific Nuclear Transport, Direct Rail Services (Chair), Rokasho KKK (Japan), International Nuclear Services, Technodine and Simon Carves.

Mark is a Chartered Engineer and Fellow of the Institute of Directors.

Martin Rajcan

Venture Partner

Martin Rajcan

Venture Partner

Martin Rajcan is a Venture Partner closely involved in the investment process at Blue Bear Capital. Martin’s investment experience spans the spectrum from seed-stage businesses to mature buy-outs across industries and geographies. Martin currently serves as CFO at Priori Data, a market intelligence software utilizing big data in the mobile app analytics space. He is also an active angel investor in primarily US-based businesses.

Martin's investment approach is shaped by nearly ten years of experiences at KKR Private Equity in London and Morgan Stanley’s Investment Banking team in New York, Singapore, and Hong Kong, in both cases with a heavy focus on the energy sector. He was active at the board level in KKR’s investments in Acteon, Flowstream Commodities, Consorcio SSFD, U.N. Ro-Ro, and others.

Martin graduated as class valedictorian from Middlebury College, VT in 2006 with a Bachelor of Arts in Economics and Chinese Language & Literature. Martin is a Trustee of NESsT UK, an organization that enables workforce integration of marginalised groups of transition economies in Eastern Europe and Latin America.

Oliver Richards

Venture Partner

Oliver Richards

Venture Partner

Oliver is a Venture Partner at Blue Bear Capital, where he supports due diligence and growth strategy execution across technology portfolio businesses, primarily in Europe. He has a broad range of experience in originating, acquiring and leading technology businesses, most recently as Managing Director of Monitise Create (formerly Grapple Mobile), one of Europe's leading digital innovation and product agencies.

Prior to this, Oliver was Managing Director of Monitise Content (formerly Marko Media). He originated the acquisition, led the due diligence, the successful integration and then as MD, executed a business plan that delivered a 80% CAGR in revenues over two years. While at Monitise, he also managed successful acquisitions in Turkey and the US.

Oliver started his career at Deloitte where he ran commercial due diligence and strategy consulting engagements across a broad range of industries, with a focus on financial services. He received his MBA with distinction from Columbia Business School and London Business School through a joint degree programme.

Steve Antry

Advisor

Steve Antryis the founder, CEO and Chairman of Eagle Energy Exploration, LLC, a private Mid-Continent energy company owned by Riverstone. Eagle was an early pioneer in horizontally drilling the Mississippian formation, and in 2012 sold substantially all of their assets to Midstates Petroleum for $650 million in cash and preferred stock. In 2014 Eagle aggressively moved back into Mid-Continent asset acquisition and development.

Prior to founding Eagle in 2009, Mr. Steve Antry was Founder, Chairman and CEO of Beta Oil & Gas, Inc. Steve led Beta through its initial public offering and onto growth that ranked Beta as number 125 in the Oil and Gas Journal’s top 200 oil & gas producers in the U.S. In 2004, Steve successfully merged Beta with Houston based PetroHawk Energy, LLC (NYSE:HK), providing their initial platform that ultimately placed PetroHawk as one of the top 25 oil & gas producers in the U.S. In July of 2011, PetroHawk agreed to sell to BHP Billiton for $15 billion.

Steve also previously served on various public and private industry Boards and has held management positions in exploration, development, land management and capital formation with various companies including Benton Oil & Gas Company (now Harvest Resources (NYSE:HNR)), Swift Energy (NYSE:SFY), and Nerco Oil & Gas (a division of Pacific Power & Light).

Steve has over 30 years of industry experience and is from a third generation Oklahoma oil family, receiving his BBA (1977) and MBA (1978) degrees with an emphasis in finance from Texas Christian University. Additionally, he was a nominee for Entrepreneur of the Year for the past two years by the accounting firm of Ernst and Young.

Jacquelynn Craw

Advisor

Robin Duggan

Advisor

Robin is a Managing Director of Riverstone, a $34 billion AUM energy private equity firm where he is a senior member of the global renewable energy and oilfield services verticals.

Prior to joining Riverstone in 2007, Robin was the founder of Commodity Optimization Ventures Ltd., a business providing advice to clients in the private equity industry, including Texas Pacific Group. Before the founding of his business, Robin served for over 17 years in various positions with subsidiaries and affiliates of BP plc, one of the world’s largest energy firms. Robin has served as Vice President of European Business Optimization at Innovene, BP’s olefins and derivatives subsidiary, held a number of senior level positions in BP's Petrochemicals segment, and held various positions in the BP’s Upstream segment in the United Kingdom, Australia, and Venezuela.

Robin currently serves on the Boards of Directors of Cuadrilla, Enviva, Origo, Patagonia, Proserv Group, ReEnergy and Velocita, and previously was the Chairman of the Board of Seajacks. Robin holds a degree in Biochemistry from Oxford University and a Sloan Master’s of Science in Management from Stanford University.

Peter Petrov

Advisor

Peter is a Director at First Reserve, a leading global private equity and infrastructure investment firm exclusively focused on energy with USD $31 billion of aggregate capital raised since inception and approximately 600 investments (including platform acquisitions and add-ons). Peter’s responsibilities at First Reserve include investment origination and structuring, due diligence, execution and monitoring, with a focus on the equipment, manufacturing and services sector, as well as the resources sector. Peter currently serves on the Board of Directors of Morrison Utility Services in the UK.

Prior to joining First Reserve in 2007 Peter spent two years as a Financial Analyst in the Global Energy Group, Investment Banking Division, at Credit Suisse.

Peter holds a B.B.A. (summa cum laude) from Texas Christian University and an M.B.A. from London Business School.