BIRMINGHAM, Ala.--()--The Principals of Founders Investment Banking, LLC announced today its exclusive advisement of Spartan Energy Services, LLC on a successful majority recapitalization with Harren Equity Partners, a private equity firm based in Charlottesville, Va. The transaction closed on December 28, 2012, and was led by Founders’ Managing Director, Duane P. Donner II.
“I’m impressed with Harren’s approach and confident they are the right partner to help us achieve our next level of growth and success”
Spartan Energy Services, based in Lafayette, La., is an oilfield services business serving the major downhole thru tubing, fishing and flow control markets in North America. Spartan has exhibited remarkable growth, building one of the strongest reputations for quality service in its industry. The majority recapitalization will establish a stable capital base to support continued growth while developing a strong, value-added partnership.
Harren Equity Partners is a private investment firm dedicated to the growth and development of industry-leading companies through the creation of strong partnerships with outstanding management teams. Harren focuses on investment opportunities in the lower middle market, defined as companies with annual revenue of $20 million to $200 million, across a broad range of industries.
“I’m impressed with Harren’s approach and confident they are the right partner to help us achieve our next level of growth and success,” said Delmar Crochet, CEO, Spartan Energy.
In 2000, Founders assisted Crochet in recapitalizing Tornado Thru Tubing Services, LLC with the company’s founder, Scott Kirchoff. Together they grew the company, for which Founders ultimately facilitated a sale to Oil States International Inc. (OIS: NYSE) a large, publicly-traded oilfield services provider.
“Founders’ deep understanding of the oilfield services industry played a critical role in preparing us to achieve another successful transaction,” said Crochet. “Their personal approach and trusted guidance has been invaluable to Spartan’s shareholders over the past decade as they helped us develop a comprehensive approach to building a valuable oilfield services company.”
Spartan’s management team and employee shareholders retained nearly half of the equity in Spartan and will remain completely intact, leveraging invested capital to fund its continued expansion into new basins while providing increased infrastructure development throughout the company.
“Spartan’s leadership and team built a tremendous company on quality, integrity and excellence in the oilfield,” said Duane P. Donner II, managing director, Founders Investment Banking. “These sound principles, combined with attracting the best hands in the business, position the company for continued success.”
About Founders Investment Banking, LLC
Founders Investment Banking is a merger and acquisition advisory firm based in Birmingham, Alabama. Its team’s proven expertise and process-based solutions help companies and business owners access capital and prepare for and execute liquidity events to achieve specific financial goals. The firm’s practice areas include a General Transaction Practice, which serves clients from various industries located in the Deep South, an Oil and Gas Services Practice focused on the U.S. oilfield services sector, and an Internet & Digital Media Practice that serves clients nationwide in the Internet and digital media sector. Visit www.foundersib.com. In order to assist Founders Investment Banking with securities related transactions, including this transaction, its Principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SiPC. Burch and Founders are not affiliated entities. The testimonial presented herein does not guarantee future performance or success.
About Spartan Energy Services, LLC
Spartan Energy Services is a rapidly growing multi-basin energy services company that provides downhole thru tubing, fishing, and flow control services throughout the major U.S. onshore shale markets. Led by industry veteran CEO Delmar Crochet, Spartan has exhibited remarkable growth while building one of the strongest reputations for quality in the industry.
About Harren Equity Partners
Harren Equity Partners is a private investment firm dedicated to the growth and development of industry-leading companies through the creation of strong partnerships with outstanding management teams. Harren’s unique approach focuses on operational excellence and insightful strategic analysis, rather than financial engineering. The principals of Harren have significant operating experience and work closely with portfolio company management teams to continue to grow companies and improve profitability. Harren focuses on investment opportunities in the lower middle market, in a broad range of industries.