|
NORTH STAR WELL SERVICES, INC. |
|
|
|
|
North
Star Well Services, Inc. is a well service company which operates workover
rigs, swab units and kill trucks. The
Company is located in Woodward, Oklahoma.
It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike
Mitchell. North Star operates its
equipment fleet in western Oklahoma and the Texas Panhandle. North
Star was referred to the Dillard Anderson Group by a previous Woodward based
client. DAG met with Mssrs. Jeter
and Pingry in early summer of 2007, explained our sales process and talked
about possible valuation levels. The
owners decided to hire DAGE to investigate a possible sale of the Company.
The objective of the owners was to generate liquidity, and to partner
with a strategic or financial partner to continue to growth of the Company. DAG
confidentially presented North Star to a number of strategic and financial
buyers. The primary marketing
period covered a flat period in overall oilfield growth.
This created a situation where the strategic players were interested in
buying, but were not willing to pay a premium for the Company. DAG
located Hancock Park Associates, a Los Angeles and Houston based private
equity firm. One of HPA's
principals is a previous client of DAG. HPA
presented a proposal for purchase of the Company, and, after much negotiation,
the transaction was closed in July, 2008.
All owners agreed to continue to manage and grow the Company. |
|