PRZOOM - /newswire/ -
Chicago, IL, United States, 2014/10/27 - GE Antares, a unit of GE Capital, announced it is serving as administrative agent on a credit facility to support the acquisition of Gulfstream Services, Inc. by The Jordan Company, L.P., in partnership with the existing management team. NYSE: GE
GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.
Headquartered in Houma, LA and founded in 1978 as Bayou Pump Rentals, Gulfstream Services, Inc. (GSI) is an oilfield rental tools & services company that specializes in pressure control equipment, cementing systems, wireline support and decommissioning equipment. Gulfstream provides equipment and services to exploration and production companies as well as major oilfield service companies in both the offshore and onshore markets.
“GE’s extensive expertise in the oil & gas industry and flexible financing structures made them the ideal lender on this transaction. Their ability to move quickly also helped us land a swift execution,” said Pete Suffredini, vice president at The Jordan Company.
“Gulfstream’s excellent market position and growth opportunities coupled with The Jordan Company’s track record of success made this an exciting financing opportunity for us,” said Laurent Paris, managing director of GE Antares. "We look forward to supporting management and The Jordan Company as they realize their growth.”
About Gulfstream Services, Inc. (GSI)
Gulfstream Services, Inc. (gulfstreamservices.com) is a global corporation that consists of seven locations in the United States, Aberdeen, UK. GSI serves the US market from locations in Louisiana, Texas, Pennsylvania and Wyoming. From its beginnings in 1978, as an oilfield rental company, GSI has continually expanded and adapted to meet the needs of the oil and gas industry. Through the Rental Tools division, GSI offers a wide range of rental tools for everyday work in the field, from H2S and standard Chicksan®, Certified Iron Restraint Systems, Spill Prevention Berms, Casing Swages, Assorted Handling Tools, Tanks, Air, Lighting and more. Through the Wireline division, GSI provides high quality pressure control equipment from 5K to 15K working pressure. The Decommissioning division provides shears and grapples specifically designed for subsea use. Finally, the Cement Head Assembly division hosts a range of Cement Head Systems, Casing Plug Launching Systems and Support Equipment.
About The Jordan Company LP
The Jordan Company (thejordancompany.com) founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion with a 32-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, Toronto, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. GE Antares was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively.
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