Harris Williams & Co. Advises Casedhole Solutions, Inc. in its Sale to Strategic Buyer C&J Energy Services
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Casedhole Solutions, Inc. (Casedhole), a leading oilfield service company, to strategic buyer C&J Energy Services (C&J; NYSE:CJES) for approximately $272.5 million. Casedhole was a portfolio company of Intervale Capital (Intervale). Harris Williams & Co. acted as the exclusive advisor to Casedhole. The transaction closed on June 7, 2012 and was led by Drew Spitzer, Brian Lucas and Luke Semple from the firm’s Energy & Power (E&P) Group along with Corey Benjamin from the firm’s Richmond office.
“This transaction represents an incredible partnership and is a great outcome for both parties,” said Drew Spitzer, a managing director and co-head of Harris Williams & Co.’s E&P Group. “Casedhole has developed a leading market position across the most active regions of oil and gas exploration and production activity in the U.S. Casedhole’s suite of services is an excellent complement to C&J’s service offering and represents a powerful combination.”
Casedhole, founded in 2005 and headquartered in Houston, TX, is a leading multi-regional, independent provider of cased-hole wireline and other complementary services and a market leader across the most attractive regions of oil and gas exploration and production activity. Casedhole performs critical tasks throughout a well’s lifecycle, including logging, perforating and pipe recovery. In addition, Casedhole performs complementary pressure testing, and pumpdown services. It has expertise in both horizontal and high-pressure, high-temperature completion applications. Casedhole operates its fleet of 58 wireline units, 11 pump-down units and auxiliary equipment through 12 district offices in 10 of the most active basins in the United States.
Intervale is an energy-focused private equity firm with headquarters in Cambridge, MA and an office in Houston, TX. Intervale invests exclusively in middle market oilfield services companies and related technologies. Intervale's Fund I closed on $280 million in 2008. The firm is currently actively investing out of its second fund.
C&J is an independent provider of premium hydraulic fracturing, coiled tubing and pressure pumping services with a focus on complex, technically demanding well completions. Through C&J’s subsidiary Total E&S, Inc., the company manufactures and repairs equipment to fulfill their internal needs as well as for companies in the energy services industry. C&J operates in some of the most geologically challenging basins in South Texas, East Texas/North Louisiana, Western Oklahoma and West Texas/East New Mexico.