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Energy services provider to acquire another Houston co.

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Written by Jack Witthaus at the Houston Business Journal

Click HERE to Read the Article by the Publisher.


Frank’s International NV will buy another Bayou City firm in hopes of boosting its well construction offerings.

Frank’s International, which is based in the Netherlands but operates out of its U.S. headquarters in Houston, plans to buy Blackhawk Group Holdings Inc. from Boston-based Bain Capital Private Equity for about $321 million, according to a release. The cash-and-stock deal is expected to close in the fourth quarter of 2016.

Funding the merger is $150 million in cash and 12.8 million shares of Frank’s common stock, and about $80 million of Blackhawk debt will be repaid at closing with proceeds from the transaction.

Blackhawk Group is the parent company of Blackhawk Specialty Tools LLC, a well construction services provider. Bain Capital, a private investment firm, acquired Blackhawk in 2013. Blackhawk’s products include speciality cementation tools, brute packers and other products for onshore and offshore use.

“Joining Blackhawk’s cementing tool expertise with Frank’s global tubular running services franchise will allow us to offer customers worldwide a more integrated suite of best-in-class products and services to address their well construction needs across all environments from land to shelf to deepwater,”Gary Luquette, Frank’s president and CEO, said in a statement.

Morgan Stanley & Co. LLC served as Frank’s financial adviser. Baker & McKenzie LLP provided Frank’s legal advice. Blackhawk was advised by Simmons & Company International, the energy specialist unit of Piper Jaffray, and Ropes & Gray LLP gave legal advice.

Frank’s is an oilfield services company with global headquarters in Amsterdam and its operational headquarters in Houston. Its largest operations are in Louisiana, and it specializes in casings, tubular services and equipment manufacturing.

The company cut about 13 percent of its workforce in April 2015 due to the ongoing oil slump. The longtime family-run company went public in 2013 under former President and CEO Keith Mosing. Mosing stepped down in December 2015 during a planned leadership transfer.


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Written by Jack Witthaus at the Houston Business Journal

Click HERE to Read the Article by the Publisher.

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