BALTIMORE, MD – March 12, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) announces that it has advised the members of Wooster, OH based Ports Investments, LLC (“Ports”) on the successful sale of its controlling ownership interest in Irwin, PA based Horizontal Wireline Services, LLC (“Horizontal” or “Company”). Horizontal was purchased by Houston-based Allied Wireline Services, LLC (“Allied”), a portfolio company of Turnbridge Capital, LLC, an energy-focused private equity firm with offices in Dallas, TX and Houston, TX.
Founded in 2010 and strategically positioned in the Marcellus, Utica, Eagle Ford and Woodbine shales, Horizontal is a leading provider of mission-critical, value-added downhole completion and evaluation solutions. The Company provides a comprehensive range of cased-hole wireline services throughout the lifecycle of a well, including pumpdown perforating, tubing conveyed perforating, pressure control, and various evaluation services. Led by a highly experienced team of industry executives comprised of Joseph Sites, Michael Phillips, and Mark Davidson, Horizontal has built a leading market position by providing its reliable and efficient cased-hole wireline services to many well-known energy and production companies.
Ports made its initial investment into Horizontal in 2010. Since then, Ports and its members have provided executive guidance, capital support, and administrative services to Horizontal as it experienced rapid growth. Mike Ports, Managing Member of Ports, commented on the sale, “Ports Investments is very proud to have been involved in the initial capitalization and ultimate sale of Horizontal Wireline Services. We greatly valued the advice of Matrix as we moved through the process.”
Matrix provided merger and acquisition advisory services to the members of Ports, which included valuation advisory, transaction structuring and negotiating. The transaction was managed by Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group and Spencer Cavalier, Managing Director. Mr. Kelso commented, “We have enjoyed a long relationship with the Ports family, and we greatly appreciate their confidence in us as we expand our reach into the oilfield services industry. We congratulate Mike, his family and their entire team on an extraordinary success.”
Harold Maxfield of Cavitch, Familo & Durkin served as legal counsel for Ports and Horizontal.