Recent News and Announcements from Centre Partners
Strategic Acquisition in the Permian Basin Expands Gray’s Presence in Cased-Hole Wireline Industry
Fort Worth, Texas, May 15, 2006 Gray Wireline Service, Inc., a subsidiary of Gray Energy Services LLC, completed the acquisition of Oilfield Pro-Log Services, Inc. (DBA Pro-Log Wireline Service). Pro-Log is a leading provider of cased-hole wireline services in the Permian Basin region of West Texas.
Gray Energy Services LLC was formed in early 2006 by Centre Partners, Centre Southwest Partners and the management of Gray Wireline Service, Inc. as a platform to create a leading diversified provider of production enhancement solutions across the North American natural gas and oil production industry.
Pro-Log, which was founded in 1973 by Bill Flippin, operates a fleet of nine electric line trucks and three slickline trucks from its facilities in Denver City, Levelland and Midland/ Odessa, Texas, as well as a comprehensive array of tools, equipment and related vehicles.
According to Gray’s Chief Executive Officer Larry Cavanna, the Denver City location will serve as an important new operating location for Gray. Flippin will retain an ownership position in the company and remain active in the management of the region, reporting to Steve Gray, vice president of Gray’s Permian Basin operations.
Cavanna commented, “Pro-Log is a strong complement to Gray’s existing operations in the Permian Basin. We have known Bill Flippin and his experienced engineers and personnel for many years and are excited to have them join the Gray team. We believe Pro-Log’s expertise and knowledge in the area will be beneficial to the company as we join forces and move forward to better serve our customers in these regions.”
He added, “We are also extremely pleased to have made our first acquisition so quickly after forming our partnership with Centre Partners and Centre Southwest and believe the acquisition of Pro-Log is an important step in the realization of our strategic growth plan.”
About Centre Partners
Centre Partners is a leading middle market private equity firm with offices in New York and Los Angeles. Centre Southwest, an affiliate of Centre Partners, is based in Dallas. Centre Partners’ Managing Directors have invested over $3 billion of equity capital in more than 80 businesses in the past 20 years. The firm is currently investing through its fourth fund, which has approximately $780 million of committed capital. In addition to the energy sector focus it has developed in conjunction with Centre Southwest Partners since 2004, Centre has deep investment expertise covering consumer, healthcare, industrial products and services, media, restaurants, retail, and aviation services. Additional information is available at www.centrepartners.com.
Media contact: Della Sweetman, Fleishman-Hillard, phone: 619-237-7721.