Harris Williams & Co. Advises Grand Isle Shipyard, Inc. (GIS) in its Sale

Strategic Buyer Acquires Leading Oilfield and Industrial Services Company
July 26, 2011

Harris Williams & Co., premier middle market investment bank, announces that Grand Isle Shipyard, Inc. (GIS), a leading energy services company, has been acquired by strategic buyer NANA Development Corporation (NANA Development). Harris Williams & Co. acted as the exclusive advisor to GIS. The transaction, which closed on July 22, 2011, was led by Drew Spitzer, Tiff Armstrong, Matt White and Chris Burnham of Harris Williams & Co.'s Energy & Power (E&P) Group.

The sale of GIS, a portfolio company of Huntsman Gay Global Capital, LLC (Huntsman Gay), builds on M&A trends in industrial and oilfield services sectors and the continued activity by strategic buyers for high quality middle market companies. GIS has a 60-year heritage of providing critical maintenance and operational support services primarily to offshore oil and gas platforms. GIS has developed an industry-leading organization, and is well-positioned to benefit from the favorable trends in North American oil and gas production.

"We continue to see significant and broad-based buyer interest in industrial and oilfield services companies. The transaction demonstrates a unique combination of both industries and builds on Harris Williams & Co.'s extensive experience in these sectors," said Drew Spitzer, managing director and co-head of the E&P Group at Harris Williams & Co. "The acquisition of GIS meets a key strategic objective for NANA Development to enhance its existing industrial and oilfield service offerings, and the partnership will enable the company to continue to pursue its many attractive growth initiatives."

"The sale of GIS represents Huntsman Gay's first realization from our fund and we appreciate Harris Williams & Co.'s hard work, understanding of the industry dynamics, and ability to act as a value-added advisor which resulted in a successful outcome for all of the parties involved," said Rhett Neuenschwander, managing director of Huntsman Gay.

Based in Galliano, LA, GIS is a leading provider of critical maintenance, repair, operations, environmental, electrical and instrumentation (E&I) and project management services to the offshore and onshore oil and gas industry. From 17 strategic locations throughout the Gulf Coast and West Texas, GIS maintains strong relationships with the world's premier oil producers. The company offers a full range of value-added services including offshore platform maintenance, onshore and offshore fabrication, E&I services, production management services, environmental services, shore-based operations, safety and detection services, civil services and plant maintenance.

Huntsman Gay is a $1.1 billion private equity fund focused on leveraged buyouts, recapitalizations and growth equity transactions in the middle market. With over 150 years of collective deal and operational experience, Huntsman Gay brings best practices from bulge-bracket private equity and global corporations to the middle market. Huntsman Gay has a diverse team of world-class private equity managers, entrepreneurs, and business operators with a deep network of strategic and financial backers. Huntsman Gay was founded in 2007 and is based in Palo Alto, CA with additional offices in West Palm Beach, FL; and Foxborough, MA.

Founded in 1974, NANA Development is the business arm of NANA Regional Corporation, Inc. Headquartered in Anchorage, AK, NANA Development employs more than 9,000 people throughout the United States and around the world. NANA Development's operations extend from the Arctic Circle to Antarctica, across the continental United States, to the Middle East and the South Pacific. NANA Development's clients and partners are world class professionals in a wide variety of industries including oil and gas, mining, healthcare, hospitality, and federal and tribal sectors.