Recent News and Announcements from Centre Partners
Strategic Acquisition in Oklahoma Panhandle Region Expands Gray’s Presence in Cased-Hole Wireline Industry
Fort Worth, Texas, February 28, 2007. Gray Wireline Service, Inc., a subsidiary of Gray Energy Services LLC, completed the acquisition of Falcon Wireline, LLC. Falcon is a leading provider of cased-hole wireline services for its customers in western Oklahoma and Panhandle region of northwest Texas.
Gray Energy Services LLC was formed in early 2006 by Centre Partners, Centre Southwest Partners and the management of Gray Wireline Service, Inc. as a platform to create a leading diversified provider of production enhancement solutions across the North American natural gas and oil production industry.
Falcon, which was founded in 2001 by Manley Porter and a group of investors, operates a fleet of electric wireline trucks from its facility in Woodward, Oklahoma, as well as a comprehensive array of tools, equipment and related vehicles. Mr. Porter is a 25-year veteran of the wireline industry, and has assembled a team of experienced engineers and personnel that quickly built Falcon into a leading independent in the Oklahoma / Texas market.
According to Grays Chief Executive Officer Larry Cavanna, Falcons team and equipment will complement Grays existing Woodward location and enhance its service offering and geographic coverage for both companies customer base. Mr. Porter will retain an ownership position in Gray and remain active in the management of the region.
Cavanna commented, Falcon is a strong complement to Grays existing operations in the Oklahoma market and our strong team in Woodward. We have known Manley Porter and his experienced engineers and personnel for many years, and we believe Falcons expertise and knowledge in the area will be beneficial to Gray as we join forces and move forward to better serve our customers in these regions.
He added, We are extremely pleased to have made our fourth acquisition so quickly after forming our partnership with Centre Partners and Centre Southwest. The acquisition of Falcon is another important step in the realization of our strategic growth plan.
About Centre Partners and Centre Southwest Partners
Centre Partners is a leading middle market private equity firm with offices in New York, Los Angeles and Dallas through Centre Southwest Partners. Centre Partners Managing Directors have invested over $3 billion of equity capital in more than 90 transactions in the past 20 years. In addition to the energy sector focus it has developed in conjunction with Centre Southwest Partners since 2004, Centre has deep investment expertise covering consumer, healthcare, industrial products and services, media, restaurants, retail, and aviation services. Additional information is available at www.centrepartners.com and www.centresw.com.
Media contact: Della Sweetman, Fleishman-Hillard, phone: 619-237-7721