Middle-market private equity firm Huntsman Gay Global Capital has completed the sale of Grand Isle Shipyard, Inc (GIS), an offshore oilfield maintenance services company to NANA Development Corporation. Huntsman Gay closed its debut USD1.1 billion fund in July of 2009, and the sale of GIS is the firm’s first realisation from the fund. Terms of the private transaction have not been disclosed.
GIS, based in Galliano, Louisiana, is an industry leader with 17 locations throughout the Gulf Coast and Texas providing a broad range of services to large global and mid-major oil production companies. Its services include offshore platform maintenance, fabrication, instrumentation and electrical maintenance, production management services, safety and detection services, and environmental services such as tank and vessel cleaning. GIS was acquired by Huntsman Gay in August 2009.
NANA Development Corporation, based in Anchorage, Alaska, is the business arm of NANA Regional Corporation, one of Alaska’s 13 regional native corporations, and represents more than 12,000 Iñupiat shareholders from northwest Alaska. NANA Development Corporation employs more than 9,000 people around the world in industries including mining, oil and gas, engineering and construction, facilities management and logistics.
“Bringing in an outside investor for the first time was a huge step for GIS, and Huntsman Gay has been a great partner in every sense, from providing liquidity to helping us identify and seize market opportunities to grow the business,” says Mark Pregeant, CEO of GIS. “Huntsman Gay’s resources and guidance have been instrumental in driving operational improvements and enhancing our product and service offerings, which in turn has enabled GIS to become the sole service provider or expand relationships with several new and existing clients.”
“It has been a privilege to partner with the Pregeant family and the management team to expand GIS’s offering to become a ‘one-stop shop’ for oil production companies seeking a reliable partner with the expertise and scale for everyday needs as well as quick response to adverse events,” says Rhett Neuenschwander (pictured), Managing Director of Huntsman Gay. “We are confident that GIS will continue to deliver on its tradition of excellence with the support of NANA Development Corporation.”
