Gray Energy Services Acquires Falcon Wireline
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."
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.
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