The Jordan Company has acquired Gulfstream Services, an oil field rental tools and services company. The deal was done in partnership with Gulfstream’s management team. No financial terms were disclosed.
NEW YORK, NY: October 17, 2014 – The Resolute Fund III, L.P., a private equity fund managed by The Jordan Company, L.P. today announced that it has acquired Gulfstream Services, Inc. (“Gulfstream” or the “Company”) in partnership with the existing Management team.
Gulfstream is an oilfield rental tools and services company that specializes in offering a variety of critical path, high‐pressure flow control, intervention and decommissioning equipment.
Financial terms of the private transaction were not disclosed.
Founded in 1978 and headquartered in Houma, Louisiana, Gulfstream’s rental fleet services the entire lifecycle of a well including drilling, completion, stimulation, cementing, alternative recovery methods and plug and abandonment. Gulfstream operates within a niche segment of the oil & gas market providing equipment and services to both exploration & production companies and major oilfield service companies in both the offshore and onshore markets. The
Company was previously owned by Mike Mire, Chief Executive Officer of Gulfstream, and other members of the Management team who will be making significant reinvestments as a part of the transaction.
At the time of the management buyout led by Mr. Mire in 1999, Gulfstream’s operations were principally focused on providing High Pressure Portable Piping to support a wide range of applications for oil or gas wells. Following the buyout, Mr. Mire, along with Vice President and Chief Operating Officer Bobby Bond and Sales Executive Malcolm Kraus, initiated a growth strategy adding complementary product lines including Wireline Support Equipment, proprietary Rotating Cement Heads, Decommissioning Equipment and a variety of Health, Safety and Environmental products. Through this strategy, Gulfstream increased its annual revenue more than tenfold between 2000 and 2013, entirely through organic measures.
“We look forward to partnering with The Jordan Company to continue to grow our business and to provide the best service for our customers,” said Mike Mire, Chief Executive Officer of Gulfstream. “We will maintain our commitment to invest in our equipment, technology and employees to improve upon what we have built and as well as our position in the market place.”
The Jordan Company, founded in 1982, is a middle‐market private equity firm with approximately $8 billion of original capital commitments and a 32‐year track record of investing in and contributing to the growth of over 100 companies across a wide range of industries, including aerospace and defense, industrial, consumer, packaging, automotive, chemicals, energy and telecom.
“The Gulfstream management team has built a reputation as a trusted partner to leading operators and oilfield service providers and has demonstrated a consistent track record of2 growth,” said Jeffrey Miller, a Partner at The Jordan Company. “We are excited to work with the Company and its Management team to expand Gulfstream’s footprint domestically and internationally as well as to support their development of new product lines and service offerings.”
Baldwin, Haspel, Burke & Mayer LLC acted as legal advisor to the Company and Weil, Gotshal and Manges LLP acted as legal advisor to The Jordan Company.
About The Jordan Company
The Jordan Company (www.thejordancompany.com), founded in 1982, is a middle‐marketprivate equity firm that manages funds with original capital commitments in excess of $8 billion with a 32‐year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies.
Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.