Seattle-based Westward Partners has bought a majority interest in Alberta-based DLM Oilfield Enterprises Ltd. Terms were not released. DLM provides maintenance services to cold oil and SAGD production facilities throughout Northeast Alberta.
Generational Equity, a leading mergers and acquisitions advisor for privately-held, middle-market businesses is pleased to announce a majority interest acquisition of its client, DLM Oilfield Enterprises Ltd. (DLM), headquartered in Bonnyville, Alberta, by Westward Partners, LLC, headquartered in Seattle, Washington. The transaction closed on April 17, 2012.
Founded in 2012 by long-time oilfield entrepreneur Dave Petry, DLM provides maintenance services to cold oil and SAGD production facilities throughout Northeast Alberta. The Company utilizes its large fleet of flush-by trucks, pressure trucks, and vacuum trucks and an experienced base of operators to service some of the largest oil companies in Alberta. The Company maintains over 40 pieces of heavy equipment including pressure trucks, body-job vacuum trucks, flush-by trucks, and semi-vacuum trucks to provide a variety of services to cold production and SAGD facilities. The large employee base of DLM is focused on providing industry-leading customer service.
Seattle-based Westward Partners is a private equity firm created to address the needs of smaller middle-market companies with revenue up to $75 million and EBITDA up to $10 million. Westward partners with strong management teams in closely-held businesses to build long-term value for its investors, its management teams, and the employees of its portfolio companies.
Over the past 12 years, Dave Petry, DLM’s current and long-time President, has led the Company’s growth from a single truck to one of the largest operators in the region. “Westward’s transaction experience proved invaluable in getting our deal completed on a timely basis. We look forward to the many resources Westward can bring to bear to help us achieve our growth goals for the future,” Mr. Petry said.
Managing Directors Stephen Crisham and Lori Galloway, together with affiliate Ted Rattenberry, led the Generational Equity deal team that advised DLM on the transaction.
“The market for DLM’s services within the heavy oil region of Alberta is on what we think is a very strong growth trajectory,” mentioned, Andy Baldridge, Founder and Partner at Westward.
“As the indisputable service leader in the region DLM is well positioned for continued growth. Westward will be looking to add to DLM’s asset base over the next 24 months through the acquisition of additional equipment and complementary businesses,” stated Ted Rattenberry.
About Generational Equity
Generational Equity provides mergers, acquisitions, strategic growth advisory services, and information for privately held and family-owned businesses to exit their business successfully. Generational Equity uses a four-phase approach that includes education, financial analysis and reporting, sales documentation and deal-making ability to offer business owners an unparalleled level of commitment and experience, all focused on helping to release the generational equity and wealth in every business. Generational Equity is headquartered in Dallas, TX, has more than 200 professionals in North America, and was recently recognized by the M&A Advisor as the M&A Consulting/Advisory service firm of the year.