M&A Deal Summary

Smith International Acquires W-H Energy Services

On June 3, 2008, Smith International acquired energy services and equipment company W-H Energy Services from TJC and NewCastle Partners for 3.2B USD

Acquisition Highlights
  • This is Smith International’s 3rd transaction in the Energy Services and Equipment sector.
  • This is Smith International’s largest (disclosed) transaction.
  • This is Smith International’s 5th transaction in the United States.
  • This is Smith International’s 4th transaction in Texas.

M&A Deal Summary

Date 2008-06-03
Target W-H Energy Services
Sector Energy Services and Equipment
Buyer(s) Smith International
Sellers(s) TJC
NewCastle Partners
Deal Type Add-on Acquisition
Deal Value 3.2B USD
Advisor(s) UBS Investment Bank (Financial)
Bracewell (Legal)

Target

W-H Energy Services

Houston, Texas, United States
website
W-H Energy Services, Inc. is an oilfield service company, together with its subsidiaries, provides products and services for the drilling and completion of oil and natural gas wells, and the production of oil and natural gas in North America and international areas. The company operates through two segments, Drilling Related Products and Services, and Completion and Work over Related Products and Services.

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Buyer(S) 1

Buyer

Smith International

Houston, Texas, United States

Category Company
Founded 1936
Sector Distribution
Employees21,000
DESCRIPTION

Smith International, Inc. is a supplier of products and services to the oil and gas exploration and production industry, the petrochemical industry and other industrial markets.


DEAL STATS #
Overall 5 of 5
Sector (Energy Services and Equipment) 3 of 3
Type (Add-on Acquisition) 5 of 5
State (Texas) 4 of 4
Country (United States) 5 of 5
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-16 DSI Inspection Services

Bridgeport, Texas, United States

DSI Inspection Services is a provider of oilfield services including hardbanding, tubing inspection and maintenance, equipment manufacturing, repair and refurbishment and trucking. Founded in 1978, DSI is headquartered in Bridgeport, TX.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-01 Smith International - Drilling Jar Product Line

Houston, Texas, United States

Smith International, Inc. - Drilling Jar Product Line is a distributor of Sup-R-Jar drilling jar line in US.

Sell $17M

Seller(S) 2

SELLER

TJC

New York, New York, United States

website


Category Private Equity Firm
Founded 1982
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TJC is a private investment firm that specializes in acquiring North American middle-market businesses operating in basic industries. TJC specifically looks to provide liquidity for shareholders, raise capital for corporate growth and 'create significant equity opportunities for key management'. TJC will consider opportunities valued from $100 million to $2 billion in a wide variety of industries. Sectors of interest include aerospace/defense, automotive, building products, chemicals, consumer products, distribution, energy, financial services, healthcare, industrial products, insurance, metals, packaging, retail, transportation/logistics, and telecom. TJC was formerly known as The Jordan Company. The Firm was formed in 1982 and is based in New York City.


DEAL STATS #
Overall 19 of 57
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 8 of 21
State (Texas) 3 of 6
Country (United States) 19 of 55
Year (2008) 1 of 1
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-21 PRG

Armonk, New York, United States

PRG is a provider of lighting equipment and services to the premier live event industry, operating as a single-source provider of technology solutions to a marketplace that includes live entertainment (live theater, concert touring, film and television and special events), corporate events (trade and industrial shows) and themed environment (gaming, theme parks and retail) markets. PRG was formed in 1999 and is based in Armonk, New York.

Buy $600M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-25 Harvey Gulf

New Orleans, Louisiana, United States

Harvey Gulf is a marine transportation company that specializes in providing offshore supply and multi-purpose support vessels for deepwater oil & gas operations in the U.S. Gulf of Mexico. Harvey Gulf was formed in 1955 and is based in New Orleans, Louisiana.

Buy $500M
SELLER

NewCastle Partners

Greenwich, Connecticut, United States

Investor

website


Category Private Equity Firm
Founded 2001
Size Small
Type Sector Focused
DESCRIPTION

NewCastle Partners is an independent investment firm focused on acquiring smaller middle-market companies in partnership with management. The Firm targets profitable, US-based businesses with defensible market positions. Prospective companies generally have at least $2 million in EBITDA and generate sales of $10 to $50 million. Sectors of interest include niche manufacturing and specialty distribution. Target transactions include recapitalizations, buyouts, growth capital financings, and consolidations. NewCastle was formed in 2001 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 11 of 16
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 6 of 10
State (Texas) 3 of 3
Country (United States) 11 of 16
Year (2008) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-01 World Dryer

Berkeley, Illinois, United States

World Dryer Corp. is a manufacturer and worldwide distributor of warm air hand dryers for commercial bathrooms. World Dryer was founded in 1948 and is based in Berkeley, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-14 Jackson Products

Fenton, Missouri, United States

Jackson markets and distributes personal and highway safety products. Jackson’s product lines include welding helmets, auto-darkening filters, hardhats, hearing protection devices, spectacles, traffic cones, traffic barricades and safety vests.

Sell -