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Farlie Turner’s Special Situations Group and Oil and Gas Services Group Collaborate to Complete Recapitalization of Knight Oil Tools Resulting in Debt Reduction of $175 Million

By: Farlie Turner - Date: 12/19/2017

FORT LAUDERDALE, Fla (December 19, 2017) - Farlie Turner & Co., LLC (“Farlie Turner”), a Fort Lauderdale, Florida-based investment bank, announced today that its Special Situations Group, in conjunction with its Oil and Gas Services Group, has completed the recapitalization of Knight Energy Holdings, LLC, including its principal operating company Knight Oil Tools, LLC (“Knight Oil Tools” or the “Company”) and other affiliates. The transaction took place under Chapter 11 bankruptcy protection, resulting in the reduction of more than $175 million in the Company’s total debt. The transaction was completed with an affiliate of Clearlake Capital Group L.P. (“Clearlake”) in partnership with the Knight family and the Company’s management team.

Headquartered in Lafayette, Louisiana, Knight Oil Tools is one of the largest privately-owned oilfield rental tool companies in the world. It supplies a wide offering of rental equipment and services for drilling, completion and well control activities, serving a diverse base of oil and natural gas E&P operators.

“We received outstanding guidance from Farlie Turner throughout our recapitalization process, from clear, concise and thorough analysis of our alternatives to their staunch advocacy on our behalf,” commented Jeff Elmore, former President of Knight Oil Tools. “The Farlie Turner transaction team, particularly including Steve Zuckerman, Erik Rudolph, and Scott Saunders, were available to our shareholders and management team on many long days, nights, and weekends. We couldn’t have asked for a higher level of service or more insightful advice,” he added.

“It was a pleasure for us to work with the Knight family and the Company’s management team to achieve such a strong outcome for them, positioning Knight Oil Tools well for the future,” commented Erik Rudolph, Managing Director and Head of Farlie Turner’s Oil and Gas Services Group. “We are pleased that the Company has emerged from bankruptcy with a strong balance sheet and primed for growth,” remarked Steve Zuckerman, Managing Director and Head of Farlie Turner’s Special Situations Group. Besides Messrs. Rudolph and Zuckerman, Farlie Turner’s transaction team included Scott Saunders, Managing Director, Kyle Jones, Vice President, and Chris Henry, Associate.

About Farlie Turner’s Special Situations Group
Farlie Turner's Special Situations Group specializes in representing underperforming and financially distressed companies. This Group complements Farlie Turner's traditional investment banking practice, which focuses on serving growth-oriented middle market companies. Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with the FINRA, provide merger and acquisition, private placement, and financial advisory services. Please visit www.farlieturner.com for more information.


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