Principals of Founders Investment Banking, LLC Advise Spartan Energy Services, LLC on Majority Recapitalization with Harren

  Principals of Founders Investment Banking, LLC Advise Spartan Energy
  Services, LLC on Majority Recapitalization with Harren Equity Partners

Business Wire

BIRMINGHAM, Ala. -- January 10, 2013

The Principals of Founders Investment Banking, LLC announced today its
exclusive advisement of Spartan Energy Services, LLC on a successful majority
recapitalization with Harren Equity Partners, a private equity firm based in
Charlottesville, Va. The transaction closed on December 28, 2012, and was led
by Founders’ Managing Director, Duane P. Donner II.

Spartan Energy Services, based in Lafayette, La., is an oilfield services
business serving the major downhole thru tubing, fishing and flow control
markets in North America. Spartan has exhibited remarkable growth, building
one of the strongest reputations for quality service in its industry. The
majority recapitalization will establish a stable capital base to support
continued growth while developing a strong, value-added partnership.

Harren Equity Partners is a private investment firm dedicated to the growth
and development of industry-leading companies through the creation of strong
partnerships with outstanding management teams. Harren focuses on investment
opportunities in the lower middle market, defined as companies with annual
revenue of $20 million to $200 million, across a broad range of industries.

“I’m impressed with Harren’s approach and confident they are the right partner
to help us achieve our next level of growth and success,” said Delmar Crochet,
CEO, Spartan Energy.

In 2000, Founders assisted Crochet in recapitalizing Tornado Thru Tubing
Services, LLC with the company’s founder, Scott Kirchoff. Together they grew
the company, for which Founders ultimately facilitated a sale to Oil States
International Inc. (OIS: NYSE) a large, publicly-traded oilfield services
provider.

“Founders’ deep understanding of the oilfield services industry played a
critical role in preparing us to achieve another successful transaction,” said
Crochet. “Their personal approach and trusted guidance has been invaluable to
Spartan’s shareholders over the past decade as they helped us develop a
comprehensive approach to building a valuable oilfield services company.”

Spartan’s management team and employee shareholders retained nearly half of
the equity in Spartan and will remain completely intact, leveraging invested
capital to fund its continued expansion into new basins while providing
increased infrastructure development throughout the company.

“Spartan’s leadership and team built a tremendous company on quality,
integrity and excellence in the oilfield,” said Duane P. Donner II, managing
director, Founders Investment Banking. “These sound principles, combined with
attracting the best hands in the business, position the company for continued
success.”

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 nationwide in the Internet and digital media
sector. 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 Burch & Company, Inc.,
member FINRA/SiPC. Burch and Founders are not affiliated entities. The
testimonial presented herein does not guarantee future performance or success.

About Spartan Energy Services, LLC

Spartan Energy Services is a rapidly growing multi-basin energy services
company that provides downhole thru tubing, fishing, and flow control services
throughout the major U.S. onshore shale markets. Led by industry veteran CEO
Delmar Crochet, Spartan has exhibited remarkable growth while building one of
the strongest reputations for quality in the industry.

About Harren Equity Partners

Harren Equity Partners is a private investment firm dedicated to the growth
and development of industry-leading companies through the creation of strong
partnerships with outstanding management teams. Harren’s unique approach
focuses on operational excellence and insightful strategic analysis, rather
than financial engineering. The principals of Harren have significant
operating experience and work closely with portfolio company management teams
to continue to grow companies and improve profitability. Harren focuses on
investment opportunities in the lower middle market, in a broad range of
industries.

Contact:

Markstein Consulting
Julie Wall, 205-824-7634
Julie@marksteinconsulting.com
 
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