Huntsman Gay Global Capital, the buyout firm that counts the former N.F.L. player Steve Young and a former Citigroup chief financial officer among its ranks, plans to announce on Tuesday that it has sold the oilfield services company Grand Isle Shipyard to the Nana Development Corporation, Dealbook reports.
Huntsman Gay’s 2009 purchase of Grand Isle was one of the first investment’s from the firm’s debut fund, which closed at $1.1 billion. Terms of the sale were not disclosed.
After buying Grand Isle, Huntsman Gay broadened the offerings of the company, which historically included oil platform maintenance and safety services. The buyout firm worked with Grand Isle’s management to expand from offshore platforms into the highly lucrative shale oil business, as well as adding services like electrical maintenance that rounded out its business mix.
The goal was to make Grand Isle a one-stop services shop for major oil companies, Rhett Neuenschwander, a Huntsman Gay managing director, told DealBook.
In recent months, Huntsman Gay was introduced to Nana, an arm of one of Alaska’s regional corporations, or holding companies owned by native Alaskans. Nana had been looking to expand its oil and natural gas operations worldwide, while Grand Isle was looking for a way to further its own operations in Alaska, according to Mr. Neuenschwander.
The two sides quickly decided the best way to accomplish both goals was through a deal.
“We’re pleased with the amount of progress we made and some of the enhancements we carried out,” Mr. Neuenschwander said in an interview by phone on Monday. “It’s obviously a successful outcome for shareholders in the business.”
Mr. Neuenschwander added that Grand Isle would not be the only oil services investment that Huntsman Gay would make, and that the firm was considering other investment opportunities in the sector.
Huntsman Gay’s 2009 purchase of Grand Isle was one of the first investment’s from the firm’s debut fund, which closed at $1.1 billion. Terms of the sale were not disclosed.
After buying Grand Isle, Huntsman Gay broadened the offerings of the company, which historically included oil platform maintenance and safety services. The buyout firm worked with Grand Isle’s management to expand from offshore platforms into the highly lucrative shale oil business, as well as adding services like electrical maintenance that rounded out its business mix.
The goal was to make Grand Isle a one-stop services shop for major oil companies, Rhett Neuenschwander, a Huntsman Gay managing director, told DealBook.
In recent months, Huntsman Gay was introduced to Nana, an arm of one of Alaska’s regional corporations, or holding companies owned by native Alaskans. Nana had been looking to expand its oil and natural gas operations worldwide, while Grand Isle was looking for a way to further its own operations in Alaska, according to Mr. Neuenschwander.
The two sides quickly decided the best way to accomplish both goals was through a deal.
“We’re pleased with the amount of progress we made and some of the enhancements we carried out,” Mr. Neuenschwander said in an interview by phone on Monday. “It’s obviously a successful outcome for shareholders in the business.”
Mr. Neuenschwander added that Grand Isle would not be the only oil services investment that Huntsman Gay would make, and that the firm was considering other investment opportunities in the sector.