in a large number of transactions
across a wide spectrum of industries
FORT LAUDERDALE, Fla. (April 24, 2012) – Fort Lauderdale-based investment banking firm Farlie Turner & Co. announced today that it served as exclusive financial advisor to Environmental Drilling Solutions, LLC (“EDS”) in its recent partnership with Element Partners, an energy and industrial technology-focused private equity fund, and CSL Capital Management, an energy-services private equity firm.
Based in Lafayette, Louisiana, EDS is a leading provider of closed-loop drill cuttings management services to the North American oil and gas industry. Following the transaction, EDS will continue to operate under the leadership and direction of CEO Kirby Arceneaux and President and Founder Chad Hollier. Current investor NGP Energy Technology Partners will retain an interest in EDS alongside the EDS management team. PNC Bank arranged a syndicated credit facility to support the transaction.
Formed in 2009, EDS has become one of the leading solids control companies in North America. EDS has developed proprietary mobile and skid-mounted drill cuttings processing systems that enable operators to dramatically reduce drill cuttings disposal expenses, recycle more drilling mud and fluids, simplify and streamline drilling activity and minimize their environmental footprint by reducing contaminants in drilling waste. EDS provides solids control services to oil and gas operators in Louisiana, Texas, Oklahoma, Wyoming, Pennsylvania, Ohio, West Virginia and the Gulf of Mexico. Several of EDS’ core markets are “liquids-rich,” and are expected to be top regions for continued oil and gas development spending in 2012 and beyond.
“Farlie Turner remained committed to the seller’s interests from kickoff to closing. The team provided invaluable advice, insight, analysis and guidance throughout the process. They had a clear understanding of all transaction issues and were deeply involved in every aspect of the deal,” stated Kirby Arceneaux, CEO of EDS. “Farlie Turner provided senior level attention to the sellers and managed a process that resulted in a highly attractive outcome for all the shareholders. We are excited to partner with Element Partners and CSL Capital Management to continue to grow the business and capitalize on the significant opportunities in the domestic onshore market,” added Chad Hollier, President and Founder.
Terms of the transaction were not disclosed. Please contact Erik Rudolph or Kerensa Iraha Jimenez at 954-358-3800 regarding questions on the EDS transaction or Farlie Turner’s oilfield services experience.
About Farlie Turner & Co., LLC
Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services to middle market companies. Please visit www.farlieturner.com for more information.
About Element Partners
Element Partners is a leading growth equity firm investing in high-growth companies offering innovative products and services to the global energy, industrial, and environmental markets. Element has a long history of providing companies with the financial resources, industry contacts, and strategic insights necessary to maximize growth and shareholder return. Element’s team has successfully managed over $1.25 billion in capital commitments spanning six investment partnerships, making Element one of the earliest and most experienced investors in energy and industrial technologies.
About CSL Capital Management
CSL Capital Management is a leading growth equity firm with a value oriented investment strategy focused on energy businesses in the U.S. and internationally. The CSL team has deep sector expertise in the energy industry and takes a very hands-on approach to investments, relying on fundamental growth and strategic thinking, rather than financial engineering, to generate success. Through several investment vehicles, the firm currently manages approximately $600 million in equity capital and commitments.
About NGP Energy Technology Partners
NGP Energy Technology Partners ("NGP ETP") invests equity capital for growth and buyout transactions in companies that provide products and services to the oil and gas, power, energy efficiency, and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by investment professionals that have extensive experience investing in virtually all types of energy technology. The investment team strives to partner with strong, experienced management teams and work with them to create significant value. NGP ETP is affiliated with NGP Energy Capital Management, a premier investment franchise in the natural resources industry, which together with its affiliates, has managed over $9.5 billion in committed capital since 1988. NGP ETP is headquartered in Washington, D.C. and has an office in New Orleans, LA.