BIRMINGHAM, Ala. (March 24, 2015) – The Principals of Founders Investment Banking, LLC announce the sale of Eagle Automation Limited (“Eagle”), a leading automation and measurement services provider, to Panhandle Oilfield Services, Inc. (“Panhandle”), an integrated oilfield services company and portfolio company of Argosy Private Equity. Eagle’s management continued with Panhandle and was exclusively advised by principals of Founders Investment Banking. The transaction closed on March 13th 2015 and was led by Joe H. Brady III of Founders’ Oil & Gas Services Group.
Eagle is based in Corpus Christi, TX, focused on the Eagle Ford and Permian basins, is an oilfield services business providing automation and measurement services to onshore drilling and production operations. Eagle has grown consistently over the past twenty years, while building one of the strongest reputations for quality service in its industry. The acquisition by Panhandle provides a platform to support Eagle’s continued growth while jointly leveraging their mechanical and construction focus and customer base.
“We are excited about working with Panhandle. We share similar values and outlook on the oilfield, and we look forward to building this business together,” said Alan Morgan, Founder and President of Eagle. “It’s a tough environment out there, and the Founders team did an excellent job finding the right partner for Eagle and advising us throughout the process.”
“Eagle has built a quality offering and strong reputation for service, and we believe it will be a great addition to our existing Panhandle service lines,” said Tim Long, CEO of Panhandle. “There is a tremendous market opportunity in providing a “One Call” solution to our customers. By combining Eagle’s automation and electrical expertise with Panhandle’s experience constructing production facilities, we can help our customers quickly and efficiently bring their production online.”
“Alan and the team at Eagle have built a great company, and we really enjoyed working with them. During a challenging time in the oilfield, they were able to come together and are well positioned to take advantage of the opportunities before them,” said Joe Brady, Director at Founders Investment Banking. “It’s a pleasure to work with great, experienced oilfield teams, and we look forward to watching what Eagle and Panhandle achieve together.”
About Founders Investment Banking, LLC
Founders Investment Banking is a merger and acquisition advisory firm based in Birmingham, Alabama. Its team’s proven expertise and process-based solutions help companies and business owners access capital and prepare for and execute liquidity events to achieve specific financial goals. The firm’s practice areas include a General Transaction Practice, which serves clients from various industries located in the Deep South, an Oil and Gas Services Practice focused on the U.S. oilfield services sector, and an Internet & Digital Media Practice that serves clients operating nationwide in the Internet and digital media sector. For more information, visit www.foundersib.com. In order to assist Founders Investment Banking with securities related transactions, including this transaction, its Principals are registered investment banking agents of M&A Securities Group, Inc., member FINRA/SiPC. M&A Securities and Founders are not affiliated entities. The testimonial presented herein does not guarantee future performance or success.
About Eagle Automation Limited
Eagle Automation Limited is a leading multi-basin energy services company that provides automation and measurement solutions throughout the major U.S onshore shale markets. Led by industry veterans, Alan Morgan, Eagle has grown into a leading provider of these services in Texas while building one of the strongest reputations for quality and service in the industry.
About Panhandle Oilfield Services, Inc.
Founded in 1983, Panhandle provides an array of services to oilfield customers throughout the Northeast, Midcontinent, and Rocky Mountain regions. Panhandle’s growth has been fueled by a total commitment to safety and service quality. Panhandle’s service offerings include: production facility construction and maintenance, containment systems installation, oilfield tubular inspection and logistics, trucking and equipment moving services, safety services including H2S monitoring, as well as artificial lift sales and service.
Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.