Deloitte Corporate Finance LLC Advising Elkhorn Holdings, Inc. on its
Announced Sale to John Wood Group PLC
CHARLOTTE, N.C., Nov. 11, 2013
CHARLOTTE, N.C., Nov. 11, 2013 /PRNewswire/ --Deloitte Corporate Finance LLC
("DCF") is acting as financial advisor to Wyoming-based Elkhorn Holdings, Inc.
("Elkhorn"), a leading employee-owned, turnkey provider of infrastructure
construction and maintenance services to high-growth U.S. energy sectors, in
its sale to John Wood Group PLC (LSE: WG) ("Wood Group"), an international
energy services company. The acquisition is subject to anti-trust approval in
the U.S., with an expected closing to occur in late 2013.
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DCF advised Elkhorn on the exploration of various strategic alternatives,
including the consideration of a strategic sale and financial sponsor
investment participation through a majority recapitalization and an S-Corp
ESOP co-investment opportunity. Elkhorn expects the acquisition to expand
Wood Group's integrated service portfolio for shale customers and increase its
presence in key shale plays to approximately 4,500 personnel. Post-close,
Elkhorn will operate within Wood Group PSN and will continue to be led by its
existing management team under CEO Sean Sullivan.
"DCF's knowledge and experience enabled us to identify and secure the best
partner for Elkhorn to accelerate its significant opportunities in the energy
services sector. DCF guided us through a well thought-out process in order to
seamlessly achieve our objectives. DCF's leadership, experience, and
extensive knowledge of the oil and gas industry, as well as their depth in
ESOP corporate finance, were vital to accomplishing the transaction," said
Sean Sullivan, chairman and CEO of Elkhorn.
"Sean Sullivan and his management team have built Elkhorn into an
industry-leading company focused on safety, customer relationships and
adherence to its core values. Elkhorn represents a key brand in the oil and
gas industry, which is experiencing growth across many production and service
channels. We see the transaction with Wood Group as providing Elkhorn a solid
platform from which to continue to build and strengthen its leadership in the
midstream and broader energy services category," said Eric Andreozzi, managing
director and head of Energy Services for DCF.
Lou Paone, managing director, DCF added, "Elkhorn is a great example of an
ESOP company that thoughtfully reviewed its strategic options with careful
consideration and focus on its stakeholders."
Elkhorn is an employee-owned leading turnkey provider of infrastructure
construction and maintenance services to high growth U.S. energy sectors,
including natural gas, oil, petrochemical, mining, and power. Elkhorn's
comprehensive capabilities range from fast-track construction to turnkey
maintenance, as well as managing multiple phases of projects, such as
additions, relocations, retrofits, turnarounds, and custom fabrication.
Elkhorn's track record and capabilities have resulted in long-standing
relationships, highly recurring revenues, and strong margins generated from a
premier list of customers, including 8 of the top 10 U.S. natural gas
producers and other key independents. For more information, visit
About Wood Group
Wood Group is an international energy services company with approximately $7.0
billion in annual sales, employing an estimated 43,000 people worldwide, and
operating in 50 countries. Wood Group has three businesses – Wood Group
Engineering, Wood Group PSN, and Wood Group GTS – providing a range of
engineering, production support, maintenance management, and industrial gas
turbine overhaul and repair services to the oil and gas and power generation
industries worldwide. For more information, visit www.woodgroup.com.
About Deloitte Corporate Finance
Deloitte Corporate Finance LLC, a FINRA-registered broker-dealer and
wholly-owned subsidiary of Deloitte Financial Advisory Services LLP, provides
deal execution and lead financial advisory services to large corporate, middle
market, and private equity firms. Deloitte Corporate Finance has access to
the resources of the Corporate Finance Advisory practices of the member firms
within the Deloitte Touche Tohmatsu Limited network of member firms, and their
affiliates. Together with Deloitte Corporate Finance, these practices include
in excess of 1,600 professionals, working collaboratively across 150
international locations. For more information, visit
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