Perseus LLC has completed a leveraged recapitalization of Seismic Equipment Solutions, a Houston, Texas-based provider of seismic acquisition equipment and related services to the oil and gas exploration industry. No financial terms were disclosed. Westlake Securities advised SES on the deal.
Westlake Securities, LLC is pleased to announce that Seismic Equipment Solutions (“SES” or the “Company”) has completed a leveraged recapitalization led by the private equity firm, Perseus LLC (“Perseus”). Westlake Securities served as exclusive financial advisor to SES on the transaction, which closed on December 31, 2008.
SES, based in Houston, Texas, is a leading global supplier of seismic acquisition equipment and related services to the oil and gas exploration industry. The Company rents, leases, sells and provides technical support for such equipment to large seismic contractors and major oil companies worldwide.
“Westlake Securities was able to complete our recapitalization despite extremely difficult conditions in the credit markets and a precipitous decline in energy prices during the process,” said Glen Huscroft, President and CEO of SES. “Their understanding of our business and the seismic industry, along with their deep network of relationships in the private equity community made a huge difference.”
“The recapitalization of SES gives the owners of this privately-owned business significant liquidity for diversification of their net worth, and their retained equity allows them to share in the future success of the Company,” said Randy Finch, Managing Director of Westlake Securities. “Perseus brings additional financial and operational experience to SES, and should be an excellent partner in taking the business to the next level.”
The completion of the transaction will allow SES to explore opportunities for growth both organically and through strategic acquisitions, and further strengthens the position of SES with respect to its primary competitor, Mitcham Industries.
Westlake Securities, LLC is a Texas-based investment banking firm with offices in Austin and Houston, serving middle market companies. Westlake‘s clients include family-owned businesses, privately held companies, private equity and venture capital funds and publicly traded companies. Services include equity capital formation, debt placement, merger and acquisition advisory, fairness opinions and valuations. Westlake is a member of FINRA and SIPC.