Recent News and Announcements from Centre Partners
New York, NY, December 16, 2010 – Centre Partners Management LLC (“Centre Partners”), a leading middle market private equity firm with offices in New York and Los Angeles, announced today the completion of the sale of Gray Wireline (“Gray”) by certain of its affiliates to a subsidiary of Seawell Limited (“Seawell”, OSE: SEAW) for $157.5 million.
Founded in 1983, Gray is the leading independent provider of cased-hole wireline services in the United States. The company’s 18 districts in key producing basins provide Gray with access to approximately 85 percent of all onshore drilling rigs and generate a revenue stream balanced between oil and natural gas. The company’s strategically located facilities support a leading position in the oil-focused Permian Basin and access to all of the major gas producing basins in the United States, with a particular focus on the unconventional shale plays that are driving the industry’s growth. Gray offers cased-hole services throughout the various stages of the lifecycle of a well and has one of the youngest wireline fleets in the industry.
“We are delighted to complete the sale of Gray to Seawell and bring to a successful conclusion our investment in Gray,” said Scott Perekslis, Senior Partner at Centre Partners. “Mark Harris and his team of veteran operators have done a superb job of managing the business through the volatility experienced in the oil and gas market over the last couple of years. This transaction will benefit all of the stakeholders of Gray, including customers, employees, and ownership. The resources and technology that Seawell will contribute to the Gray platform undoubtedly will bolster Gray’s future growth, providing greater opportunities for employees to provide valuable services to the company’s customers, who are leaders in the most active onshore oil and gas producing regions of the United States. We are proud of Gray’s achievements over the last several years and wish Mark Harris and his talented team great success in their new partnership with Seawell.”
Gray Chief Executive Officer Mark Harris added: “We are excited to join the Seawell organization and believe that Gray’s ability to service our customers will be greatly enhanced as a result. In the coming months, we anticipate that Gray will introduce several compelling service offerings from Seawell’s TecWel and C-6 Technologies to our customers. Continued access to capital coupled with the Seawell synergies will promote additional growth and provide additional value to our customers as well as enable us to continue to attract and retain the best people in the sector. We are proud of our achievements over the last several years under Centre’s ownership. The firm’s deep understanding of the oil and gas sector, along with its financial support and strategic guidance, enabled us to navigate the recent tumult in the oilfield services sector and strongly positioned us for the future.”
Centre Partners and Gray Wireline were advised by Raymond James, Sheridan Capital, and Dechert.