Centre Partners Management, a middle market private equity firm with offices in New York and Los Angeles, has completed the sale of Gray Wireline by certain of its affiliates to a subsidiary of Seawell for USD157.5m.
Founded in 1983, Gray is a provider of cased-hole wireline services in the US.
The company’s 18 districts in key producing basins provide Gray with access to approximately 85 per cent of all onshore drilling rigs and generate a revenue stream balanced between oil and natural gas.
"We are delighted to complete the sale of Gray to Seawell and bring to a successful conclusion our investment in Gray," says 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."
Gray chief executive officer Mark Harris adds: "We are excited to join the Seawell organisation 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."
Centre Partners and Gray Wireline were advised by Raymond James, Sheridan Capital, and Dechert.
