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OILFIELD BEARING INDUSTRIES, INC. |
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Oilfield
Bearing Industries, Houston, Texas, is the world's leading distributor of
aftermarket bearings for the unique equipment components, drawworks, mud
pumps, rotary tables, hook/blocks, etc. for oil and gas drilling rigs.
OBI serves its worldwide
market through its offices in Houston, Odessa, Edmonton, Aberdeen and Dubai.
The Company was founded in 1994 by Mr. Owen Joyner.
A major private equity shareholder made the decision to realize the
investment they made in OBI in 1997. Mr.
Joyner, as CEO and a major shareholder, was given the responsibility of
selecting a financial advisor to handle the sale.
Mr. Joyner was referred to DAG by his attorney, who had worked with DAG
on a previous transaction. After
initial discussions and a check of references, the owners of OBI appointed DAG
to assist in the sale. DAG
approached, on a confidential basis, both strategic and financial buyers who
we felt would have an interest in OBI. At
the top of this list was Forum Oilfield Technologies, Inc., a platform company
of SCF Partners. DAG was very
familiar with the growth strategy of Forum, as we had consummated a
transaction with them in late 2005. The
best overall valuation was offered by Forum, and the transaction was closed
May 1, 2007. The owners realized
their liquidity objectives, and Mr. Joyner and his management team remain in
place with Forum.
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