Harris Williams & Co. Advises Professional Directional on Diamond Castle Holdings' Investment
Harris Williams & Co. is pleased to announce Diamond Castle Holdings, LLC's (Diamond Castle) investment in Professional Directional Enterprises, Inc. (Pro-D), a former portfolio company of Harren Equity Partners (Harren). Harris Williams & Co. acted as the exclusive financial advisor to Professional Directional. The transaction was led by Drew Spitzer, Tiff Armstrong, Brian Lucas and Chris Burnham from the firm's Energy & Power Group.
"As one of the largest independent providers of directional and horizontal drilling services to oil and gas E&P companies, Pro-D has an extraordinary track record of providing expertly managed directional drilling services that rely on the company's industry leading technical expertise, high quality equipment fleet, and customer service focused personnel," noted Drew Spitzer, managing director and co-head of Harris Williams & Co.'s Energy & Power Group. "The transaction represents a tremendous outcome for all parties involved and is indicative of the strong buyer demand for the long-term growth dynamics of the directional drilling sector. We are seeing increasing interest from both strategic and financial buyers for energy-related companies with leading market positions, such as Pro-D."
Pro-D, established in 2001 and based in Conroe, TX, is a leading independent provider of directional and horizontal drilling services to oil and natural gas exploration and production (E&P) companies. The company utilizes its own superior equipment to provide measurements-while-drilling services, which enable E&P companies to utilize directional or horizontal drilling techniques in order to access unconventional oil and natural gas reservoirs. Pro-D serves a growing roster of blue chip E&P companies focused on onshore, unconventional reserves. The company has successfully completed wells in virtually every unconventional formation in the U.S., including the Haynesville, Marcellus, Bakken, Woodford, Eagle Ford, Barnett, Niobrara and Cotton Valley plays. Harren is a Charlottesville, VA-based private investment firm and leading provider of equity for middle market acquisitions, recapitalizations and growth capital financings. Harren professionals work with each portfolio company to develop and/or implement a strategic business plan and support management by providing the operational, financial and human resources necessary to manage the increasingly complicated decisions associated with growing a business.
Diamond Castle is a private equity firm with over $1.85 billion of committed capital under management. Founded in 2004, Diamond Castle specializes in leveraged buyouts, growth capital and equity-like investments in both public and private companies. Diamond Castle targets investments in the following industry sectors: media and communications, energy and power, financial services, healthcare and diversified industries.