M&A Deal Summary

Power Line Services Acquires Southeast Directional Drilling

On January 3, 2013, Power Line Services acquired energy services and equipment company Southeast Directional Drilling from Sorenson Capital and Patriot Capital

Acquisition Highlights
  • This is Power Line Services’ 3rd transaction in the Energy Services and Equipment sector.
  • This is Power Line Services’ 4th transaction in the United States.
  • This is Power Line Services’ 1st transaction in Arizona.

M&A Deal Summary
Date 2013-01-03
Target Southeast Directional Drilling
Sector Energy Services and Equipment
Buyer(s) Power Line Services
Sellers(s) Sorenson Capital
Patriot Capital
Deal Type Add-on Acquisition

Target

Southeast Directional Drilling

Casa Grande, Arizona, United States
Southeast Directional Drilling LLC provides large bore directional drilling services to the large diameter pipeline construction industry. The Company provides technical directional drilling services for pipeline installation in environmentally and ecologically sensitive areas and under existing man-made infrastructure.

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Buyer(S) 1

Buyer

Power Line Services

The Woodlands, Texas, United States
Category Company
Founded 2009
Sector Energy Services and Equipment
DESCRIPTION

Power Line is a group with the expertise, resources and experience to perform construction services nation-wide for major utilities, regional cooperatives, renewable energy developers, municipalities, commercial and industrial customers and several oil and gas companies.

DEAL STATS #
Overall 4 of 4
Sector (Energy Services and Equipment) 3 of 3
Type (Add-on Acquisition) 4 of 4
State (Arizona) 1 of 1
Country (United States) 4 of 4
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-03 M&M Pipeline Services

Eupora, Mississippi, United States

M & M Pipeline Services LLC is a ROW Services company oriented to the specialized requirements of the oil and gas industry, including FERC regulated Projects. M&M Pipeline Services was established in 2001 and is based in Eupora, Mississippi.

Buy -

Seller(S) 2

SELLER

Sorenson Capital

Lehi, Utah, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sorenson Capital is a private equity firm that seeks to support buyout and growth capital financings of lower middle-market companies. Sorenson invests across a broad range of industries and generally pursues companies with significant market share, high barriers to entry, fragmented industry competition, motivated managment, and sustainable pricing and profit margins. Target businesses typically have sales of $30 to $300 million with earnings of $3 to $25 million. Sorenson's geographic preference is for opportunities in the Mountain West and West Coast regions of the US. Sorenson raised its inaugural fund in 2004 and is based in Salt Lake City, Utah.

DEAL STATS #
Overall 11 of 29
Sector (Energy Services and Equipment) 3 of 3
Type (Add-on Acquisition) 6 of 16
State (Arizona) 2 of 3
Country (United States) 10 of 28
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-03 M&M Pipeline Services

Eupora, Mississippi, United States

M & M Pipeline Services LLC is a ROW Services company oriented to the specialized requirements of the oil and gas industry, including FERC regulated Projects. M&M Pipeline Services was established in 2001 and is based in Eupora, Mississippi.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-11 TruHearing

Draper, Utah, United States

TruHearing, Inc. is a provider of discounted hearing aids that partners with health plans to provide deep discounts to health plan members. Over 100 million people—nearly one-third of all Americans—have access to affordable hearing aids because their health plan offers them TruHearing. And that number is growing every year. TruHearing was founded in 2003 and is based in Draper, Utah.

Buy -
SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 13 of 50
Sector (Energy Services and Equipment) 1 of 2
Type (Add-on Acquisition) 9 of 29
State (Arizona) 1 of 1
Country (United States) 13 of 50
Year (2013) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 PW Stephens Environmental

Loomis, California, United States

PW Stephens Environmental, Inc. is an abatement contractor. The Company offers asbestos and lead paint removal, mold remediation, emergency response, duct cleaning, decontamination, and hazardous waste management services to residential, commercial, and industrial customers. PW Stephens Environmental was established in 1982 and is based in Loomis, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-07 Auburn Armature

Auburn, New York, United States

AAI (Auburn Armature Inc.) Patriot Capital provided financing to the company to support management's growth plans. Auburn Armature, Inc. distributes and repairs electrical power equipment and provides related services in the northeastern Unites States, primarily in New York State. The Company is headquartered in Auburn, NY with four branches to serve the market.

Buy -
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