Maxim Partners and Falcon Investment Advisors have acquired Laney Directional Drilling Co., a horizontal drilling company for the oil and gas pipeline industry. Laney was previously owned by Chart Capital Partners, Prudential Capital Partners, Quilvest USA and Basic Materials and Services.
Laney Directional Drilling Co. (“Laney” or the “Company”), the world’s largest independent Horizontal Directional Drilling (“HDD”) company serving the oil and gas pipeline industry, today announced it has been acquired by an affiliate of Maxim Partners, LLC (“Maxim”) and Falcon Investment Advisors, LLC (“Falcon”).
“Laney is pleased to announce this acquisition, which represents a great opportunity for both our employees and the company to continue driving growth and offer best in class service to our customers.” Laney CEO Kevin Fox said. “We look forward to partnering with Maxim and Falcon to significantly increase our portfolio of HDD capabilities as well as extend the Company’s geographic reach.”
Founded in 1989, Laney is the only HDD company in North America providing integrated engineering, design and construction services. For more than twenty-five years, the Company has specialized in providing HDD services that address the most complex crossing needs of customers in the global energy, telecommunications and infrastructure markets.
“Maxim and Falcon are excited to partner with existing management to support the Company’s strategic vision of becoming North America’s preferred supplier of HDD services for energy infrastructure,” said Ryan Franco, a Managing Partner at Maxim. “In addition to providing financial sponsorship, we are placing accomplished pipeline industry veterans onto Laney’s board including Rick Turner, an Energy Industry Partner for Maxim, Ron Page and David Lytle. These individuals have achieved marked success through their associations with Energy Transfer Entities, Red Cedar Gathering, PVR Partners, El Paso Corporation, Boardwalk Pipeline Partners, Saddle Butte Pipeline, and Koch Industries and will supply strategic counsel to the Company as it enters its next phase of corporate development.” Ryan added, “Laney was acquired through Maxim’s new energy partnership with Falcon and demonstrates our unique ability to provide turn-key subordinated debt, preferred equity and common equity required to close a substantial change-of-control transaction.”
Laney was previously owned by a private equity consortium comprised of Chart Capital Partners, Prudential Capital Partners, Quilvest USA and Basic Materials and Services LLC. “We are very proud of the accomplishments of Laney’s management team and employees,” said David Collier, Managing Director at Chart Capital. “Our group acquired a well-run family business and worked closely with a great management team to transform the company into a world-class HDD firm. We are pleased to deliver a company that is stronger in every way. The partnership with Maxim and Falcon will provide for Laney’s continued growth and success.” Chart and its co-investors will maintain a minority ownership position alongside Maxim and Falcon.
Stifel served as exclusive financial advisor and Moore & Van Allen PLLC served as legal counsel to Laney. Andrews Kurth LLP and Latham & Watkins LLP served as legal advisors to Maxim and Falcon, respectively.
About Laney Directional Drilling
Laney is the largest independent HDD company in the world and the only U.S. HDD company providing integrated engineering, design and construction services. The Company specializes in servicing pipeline companies with complex, challenging or large scale HDD requirements. Located in Houston, TX, Laney directionally drills for the purpose of installing infrastructure such as oil and gas pipelines and occasional telecommunications conduits. Other applications of directional drilling include water lines, sewer lines and environmental remediation casings. HDD is used for crossing waterways, roadways, shore approaches, congested areas, environmentally sensitive areas, and areas where other methods are more costly or not possible. laneydrilling.com
About Maxim Partners
Founded in 1991, Maxim is a Chicago-based private equity firm dedicated to lower middle-market private growth companies in the Education, Environmental, Energy and Wellness industries. Maxim’s deep sector knowledge, extensive networks of relationships, and proprietary methods for growth allow it to generate significant incremental value beyond mere financial capital. To learn more about Maxim, please visit www.maximpartnersllc.com.
About Falcon Investment Advisors
With offices in Boston and New York, Falcon provides innovative capital solutions in amounts of $10 million to $75 million to middle market companies throughout North America. Since its founding in 2000, Falcon has invested in over 50 companies in a broad range of industries to support acquisitions, recapitalizations, buyouts and organic growth. Falcon is currently investing out of Falcon Strategic Partners IV, LP, a $910 million vehicle. To learn more about Falcon, please visit www.falconinvestments.com.
About Chart Capital Partners
Chart Capital Partners is a private equity investment firm that specializes in leverage buyouts and growth financings with smaller middle market companies based in the United States. For over 15 years, Chart Capital Partners has pursued a consistent approach based on partnering with superior executives where its experience, relationships and capital helps to create long term value through growth strategies and operational improvements. chartcapital.com
Media Contact: Ryan Franco, Maxim Partners, LLC, (630) 206-4040, [email protected]
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