Case Study:

Buyout / Acquisition

ROC Service Company, LLC

Business Description:

ROC Service Company, LLC, based in Bridgeport, Texas,  is a newly formed energy services company providing construction, roustabout and production services to oil and gas producers in the shale producing regions of Texas, New Mexico, Oklahoma and Pennsylvania.


Challenge:

Nighthawk Oilfield Services, Ltd. purchased Richey Oilfield Construction, Inc. (ROC) in 2007, but subsequently filed for Chapter 7 bankruptcy (liquidation).  The ROC management team desired to purchase assets from the estate and restart a new company, ROC Service Company; however, they lacked the capital to do so and the timeframe was measured in days prior to a complete shut-down and termination of all employees.


Solution:

We were engaged as merger & acquisition buy-side advisor. We quickly introduced ROC management to Turnbridge Capital, which within days committed the capital to consummate the buyout and capitalize the new entity appropriately for growth while structuring appealing ROC management incentives. Additionally, the court affirmed the buyout and jobs for over 350 employees were saved. The new entity retained the customers from the defunct entity and the employees never missed a day of work through the process. We acted fast in a difficult and complex situation and far surpassed ROC management's goals and expectations.