Strategic Acquisition in Oklahoma Panhandle Region Expands Gray's Presence
in Cased-Hole Wireline Industry
FORT WORTH, Texas, March 1 /PRNewswire/ -- Gray Wireline Service, Inc.,
a subsidiary of Gray Energy Services LLC, completed the acquisition of
Falcon Wireline, LLC. Falcon is a leading provider of cased-hole wireline
services for its customers in western Oklahoma and Panhandle region of
northwest Texas.
Gray Energy Services LLC was formed in early 2006 by Centre Partners,
Centre Southwest Partners and the management of Gray Wireline Service, Inc.
as a platform to create a leading diversified provider of production
enhancement solutions across the North American natural gas and oil
production industry.
Falcon, which was founded in 2001 by Manley Porter and a group of
investors, operates a fleet of electric wireline trucks from its facility
in Woodward, Oklahoma, as well as a comprehensive array of tools, equipment
and related vehicles. Mr. Porter is a 25-year veteran of the wireline
industry, and has assembled a team of experienced engineers and personnel
that quickly built Falcon into a leading independent in the Oklahoma /
Texas market.
According to Gray's Chief Executive Officer Larry Cavanna, Falcon's
team and equipment will complement Gray's existing Woodward location and
enhance its service offering and geographic coverage for both companies'
customer base. Mr. Porter will retain an ownership position in Gray and
remain active in the management of the region.
Cavanna commented, "Falcon is a strong complement to Gray's existing
operations in the Oklahoma market and our strong team in Woodward. We have
known Manley Porter and his experienced engineers and personnel for many
years, and we believe Falcon's expertise and knowledge in the area will be
beneficial to Gray as we join forces and move forward to better serve our
customers in these regions."
He added, "We are extremely pleased to have made our fourth acquisition
so quickly after forming our partnership with Centre Partners and Centre
Southwest. The acquisition of Falcon is another important step in the
realization of our strategic growth plan."
About Centre Partners and Centre Southwest Partners
Centre Partners is a leading middle market private equity firm with
offices in New York and Los Angeles. Centre Southwest, an affiliate of
Centre Partners, is based in Dallas. Centre Partners' Managing Directors
have invested over $3 billion of equity capital in more than 80 businesses
in the past 20 years. The firm is currently investing through its fourth
fund, which has approximately $780 million of committed capital. In
addition to the energy sector focus it has developed in conjunction with
Centre Southwest Partners since 2004, Centre has deep investment expertise
covering consumer, healthcare, industrial products and services, media,
restaurants, retail, and aviation services. Additional information is
available at http://www.centrepartners.com and http://www.centresw.com .
SOURCE Centre Partners
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Related links:
http://www.centrepartners.com
http://www.centresw.com
CONTACT:
Della Sweetman, of Fleishman-Hillard, for
Centre Partners, +1-619-237-7721
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