Allegiance Capital Sells Louisiana Offshore Oilfield Services Co
Allegiance Capital Corporation has completed a sale transaction of Grand Isle Shipyard, Inc. (GIS), an offshore oilfield maintenance services company. Salt Lake City-based Huntsman Gay Global Capital acquired the offshore oilfield services leader. Members of the Pregeant family, who are the previous owners of GIS, will retain an interest in the company and continue to manage operations. Terms of the deal were not disclosed.
GIS, based in Galliano, Louisiana, was formed in 1948 and has grown to become an industry leader with 12 locations throughout the Gulf Coast and West Texas. The Company has strong relationships with the premier oil producers, and provides a full range of value-added services, focusing on oilfield maintenance services including complete offshore platform maintenance, onshore and offshore fabrication, plant maintenance, instrumentation & electrical maintenance, production management services, shore-based operations, safety & detection services, civil services, and environmental services such as tank and vessel cleaning.
"GIS has performed consistently well, and the company is well poised for significant future growth," said Eric Brundage, senior vice president at Allegiance Capital, who led the firm's transaction team along with Pamela Ragon, vice president at Allegiance Capital. "We are confident that Huntsman Gay's financial and operational support will propel GIS to an even stronger position of dominance as they continue to capture market share. The two firms are well matched to achieve outstanding future growth."
"GIS is a great addition to our portfolio. With its reputation for quality and expertise in providing services to oilfield platforms, the Company is well positioned to take advantage of exploration and production by major producers, and extend its industry leadership," said Rhett Neuenschwander, a Managing Director at Huntsman Gay Global Capital. "The Pregeant family has done a tremendous job of growing GIS into a world class company, and we look forward to building on their work and helping them achieve even greater success."
This is Allegiance Capital's second transaction in the past year involving a Louisiana Gulf Coast company.