Integrity Directional Services, a directional drilling company serving the oil and gas industry, has been acquired by Maxim Partners and Falcon Investment Advisors.
Integrity offers onshore oil and gas operators a complete line of downhole directional drilling, measurement-while-drilling, and well planning and engineering services. Directional drilling (or slant drilling) is the practice of drilling non-vertical wells. Integrity was co-founded in 2008 by Steve Boyd (President) and Charlie Hodges (Vice President). The company is headquartered in Fort Worth, TX with additional facilities in Houston TX; Midland, TX; Winnsboro, LA; Oklahoma City, OK; and Demascus, AR (www.integritydirectional.com).
“Integrity is very pleased to partner with Maxim and Falcon to help us grow and reach our full potential. The expertise and experience that both companies provide will be instrumental in taking Integrity Directional to the next level” said Mr. Boyd.
To facilitate strategic planning, best operating practices and industry contacts, Maxim has organized an experienced board of directors for Integrity including veteran oilfield service executives Frank M. “Mike” Davis and Manuel “Manny” Gonzalez. Mr. Davis, who has assumed the role of Integrity’s Executive Chairman, retired from Baker Hughes International in December of 2013, lastly serving as the President of Baker Hughes US Pressure Pumping. Mr. Gonzalez was formerly the Executive Vice President of R360 Environmental Solutions and the CEO of its predecessor, US Liquids of Louisiana, and was instrumental in R360’s growth and successful exit to Waste Connections.
“We are excited to partner with great people and a proven solution provider for leading operators,” said Rick Turner, an Industry Partner for Maxim who also serves on Integrity’s board and previously invested in directional driller MS Energy Services. “Integrity is the second platform acquisition closed in 2014 by Maxim’s energy partnership with Falcon and we are confident in our ability to efficiently deploy more capital into the oilfield services sector.”
Maxim Partners invests in middle-market companies that have revenues of at least $10 million and EBITDA of at least $2 million. Sectors of interest include education, energy, environmental, and wellness. The firm was founded in 1991 and is based in the Chicago suburb of Hinsdale (www.maximpartnersllc.com).
Falcon Investment Advisors specializes in providing from $10 million to $75 million of subordinated debt and other junior capital to support management or leveraged buyouts, growth or acquisition capital, dividend recaps, generational transfers, structured finance and restructurings. Since its founding in 2000, Falcon has invested in more than 60 companies in a range of industries. The firm is currently investing out of Falcon Strategic Partners IV, LP, a $910 million investment fund. Falcon has offices in Boston and New York (www.falconinvestments.com).
PPHB (www.pphb.com), a Houston-based investment bank that provides financial advisory services exclusively to clients in the energy industry, served as exclusive financial advisor to Integrity.
2014 PEPD • Private Equity’s Leading News Magazine • 11-13-14