FMI Advises Spinnaker Oilwell Services on Sale to RPC
FMI is pleased to announce the sale of Spinnaker Oilwell Services, LLC (Spinnaker), a portfolio company of Catapult Energy Services Group LLC (Catapult), to RPC, Inc. FMI Capital Advisors (FMI) served as the exclusive sell-side financial advisor to Spinnaker for this transaction.
Based in El Reno, Oklahoma, Spinnaker is a leading provider of oilfield cementing services in the Permian and Mid-Continent basins. The company operates two facilities located in El Reno, Oklahoma and Hobbs, New Mexico, and maintains 18 full-service cementing spreads.
“The acquisition of Spinnaker will significantly expand RPC's cementing business from its presence in South Texas to basins in which we currently provide other services,” said RPC President and CEO Ben M. Palmer in a news release. “We are impressed with Spinnaker's management team, talented workforce and the quality of its operations, and plan to continue operating under the Spinnaker name.”
“FMI really understood our business and the goals we wanted to achieve in finding the right buyer,” said Gregory Laake, Managing Partner of Catapult and Board Manager of Spinnaker. “It goes without saying that we would not have gotten to a successful transaction outcome without their team’s expertise and guidance. We are very pleased with the results.”
About Spinnaker
Spinnaker Oilfield Services LLC was founded in 2014 by Catapult Energy Services Group LLC and is based in El Reno, Oklahoma in the Mid-Continent Region and Hobbs, NM in the Delaware/Permian. Spinnaker services all major oil plays around Oklahoma, Kansas, Arkansas, Texas and New Mexico and specializes primarily in cementing operations in wells of all types.
About RPC
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC's investor website can be found on the internet at RPC.net.
About FMI Capital Advisors
FMI Capital Advisors has fully dedicated and deeply experienced investment banking teams advising clients on merger and acquisition (M&A) transactions across the built environment. We maximize value for our clients through our deep market knowledge, strong technical expertise and an unparalleled network of industry relationships. For more information, visit fmicapitaladvisors.com.
FMI Capital Advisors Contact
Kjell Lundal
Managing Director, Energy & Industrial Services
[email protected]