Huntsman Gay Launches Oilfield Services Play
Grand Isle performs a range of oil-drilling maintenance services.
August 21, 2009
Huntsman Gay Global Capital, a Salt Lake City private equity firm, has acquired control of oilfield services company Grand Isle Shipyard Inc.
Financial terms of the recapitalization deal, announced by Huntsman on Friday, were not disclosed.
“Grand Isle Services is well-positioned to take advantage of exploration and production by major producers, and extend its industry leadership,” said Rhett Neuenschwander, managing director of Huntsman, in a statement.
Grand Isle, of Galliano, La., performs onshore and offshore oil-drilling platform assembling, maintenance, production management and cleaning services.
Huntsman, which closed a $1.1 billion fund earlier this year, purchased a majority stake in the business from the Pregeant family. Selling shareholders will retain a minority stake in the oilfield maintenance services company, which operates 12 facilities around the Gulf Coast and Texas.
Mark Pregeant, who will remain chief executive of Grand Isle, said Huntsman’s financial and operational support will enable the company to increase its market share.
For Huntsman, the deal is its second this month. On Aug. 3, the firm announced an investment in Boca Raton, Fla.-based textile maker Hollander Home Fashions, a $200 million-in-annual revenue business.
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