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Bain Capital Invests in Blackhawk Specialty Tool

Bain Capital has recapped Blackhawk Specialty Tools. Financial terms weren’t announced. Company management also invested. Houston-based Blackhawk Specialty provider specialty equipment and services to the oil and gas industry.

PRESS RELEASE

HOUSTON, Tex. – August 1, 2013 – Blackhawk Specialty Tools, LLC, a leading provider of specialty equipment and services to the oil and gas industry, today announced it has completed a recapitalization of the company led by an affiliate of Bain Capital and in partnership with the management team. Terms of the private transaction were not disclosed.
Originally founded by Billy Brown, Dean Robichaux, Ron Robichaux and Lawrence Brown, Blackhawk is headquartered in Houston and maintains substantial operations based in Houma, Louisiana. The Company’s proprietary wellbore construction equipment offerings, including cement heads and complementary cementing products, are highly regarded by operators for their ability to deliver lower costs, enhanced safety and improved rig time. Blackhawk designs, assembles, rents and sells this technologically advanced equipment for offshore and onshore use by major integrated oil and gas companies, large independent oil and gas companies, and foreign national oil and gas companies. Operating in the U.S. Gulf of Mexico, onshore U.S. and in select international locations, Blackhawk has completed nearly 3,000 projects.
“The management team is excited to partner with Bain Capital as we continue to grow our business to meet the needs of customers around the world,” said Billy Brown, President and Chief Executive Officer of Blackhawk Specialty Tools, who will continue to lead the company with the current senior management team. “Blackhawk has established a leading position as a trusted provider of cementing equipment and quality service to our customers in the U.S. Gulf of Mexico, the most challenging deepwater market in the world, and in numerous shale plays around the U.S. This partnership will allow us to continue to expand our geographic footprint and product offerings to serve our customers, employees and other stakeholders.”
“We look forward to helping Blackhawk build upon its strengths in engineering, quality and safety in order to expand its business and product lines in the Gulf and other drilling markets,” said Todd Cook, a Managing Director at Bain Capital. “We believe this is an attractive opportunity to put our resources and experience to work, in collaboration with Billy and the management team, to grow Blackhawk in ways that directly benefit its customers.”
Rock Hill Capital Group, which has been an investor in Blackhawk since 2010, is divesting its equity stake in the company.
Simmons & Company acted as financial advisor, and Winston & Strawn LLP acted as legal advisor to Blackhawk Specialty Tools, LLC. Ropes & Gray LLP and Vinson & Elkins were legal advisors to Bain Capital. Financing was provided by GE Antares Capital.