Boyne Capital has acquired A.S.A.P. Industries Manufacturing (ASAP), a maker of high-pressure flow control products used in oil and gas applications.
ASAP’s products include drilling and adapter spools, sand separators, and frac heads that are used in a variety of flow control applications in oil and gas drilling, completion, and production. The company specializes in large equipment with internal diameters up to 30 inches and pressure ratings up to 20,000 PSI.
ASAP also provides blow out preventers (BOP) repair and recertification services. The company is headquartered near New Orleans in Houma, LA (www.asapind.net).
“ASAP is a world class machining operation with a long track record of successfully supplying mission-critical components to the oil and gas production market,” said Boyne Managing Partner and CEO, Derek McDowell. “We are honored to be partnering with founder and CEO Timmy Deroche, COO Randy Price, and their long-tenured management team to grow the company by expanding its already substantial manufacturing capabilities.”
Boyne makes investments in lower middle market companies that have revenues of less than $100 million and EBITDA of $2 million to $10 million. Sectors of interest include healthcare services, agriculture, consumer products, niche manufacturing, and business & financial services. In July 2017, Boyne closed its debut institutional fund, BCM Fund I LP, with $126 million of capital commitments, surpassing the original target of $100 million. Boyne was founded by Derek McDowell in 2006 and is headquartered in Miami (www.boynecapital.com).
“The Boyne team has been excellent to work with through this process, and we’re excited to have such supportive partners,” said Mr. Deroche. “ASAP has an immense opportunity in front of it, and we’re eager to support the needs of a recovering and resurgent oil and gas industry.”
© 2018 Private Equity Professional | July 12, 2018
