Huntsman Gay Global Capital Leads Recapitalization of Offshore Oilfield Services Leader Grand Isle Shipyard, Inc.
Aug-20, 2009
SALT LAKE CITY�August 20, 2009 � Huntsman Gay Global Capital, a middle-market private equity firm, today announced that it has partnered with management to recapitalize Grand Isle Shipyard, Inc. (GIS), an offshore oilfield maintenance services company. Members of the Pregeant family, who are the previous owners, will retain an interest in the company and continue to manage operations. Terms of the deal were not disclosed.
GIS, based in Galliano, Louisiana, was formed in 1948 and has grown to become an industry leader with 12 locations throughout the Gulf Coast and West Texas. The Company has strong relationships with the premier oil producers, and provides a full range of value-added services, focusing on oilfield maintenance services including complete offshore platform maintenance, onshore and offshore fabrication, plant maintenance, instrumentation & electrical maintenance, production management services, shore-based operations, safety & detection services, civil services, and environmental services such as tank and vessel cleaning.
�There�s no question that Huntsman Gay Global Capital is committed to our core value of �Putting People First�, shares our vision for the future, and is the right partner for us,� said Mark Pregeant, CEO of GIS, who will continue to lead the company along with the current management team. �We are confident that the Huntsman Gay�s financial and operational support will enable us to expand our relationships, continue to build our market share, and provide high-value services to our customers as their needs evolve.�
�GIS is a great addition to our portfolio. With its reputation for quality and expertise in providing services to oilfield platforms, the Company is well positioned to take advantage of exploration and production by major producers, and extend its industry leadership,� said Rhett Neuenschwander, a Managing Director at Huntsman Gay Global Capital. �The Pregeant family has done a tremendous job of growing GIS into a world class company, and we look forward to building on their work and helping them achieve even greater success.�
About Huntsman Gay Global Capital
Huntsman Gay Global Capital is a private equity firm that brings unrivaled experience to the middle market�offering all the advantages of both a strategic and a financial buyer in one firm. Co-founded by Jon M. Huntsman, one of the world�s leading industrialists, and Robert C. Gay, a former managing director of Bain Capital, the firm focuses on middle market leveraged buyouts and growth equity investments. For more information, please visit www.hgequity.com.
Huntsman Gay Global Capital is a private equity firm that brings unrivaled experience to the middle market�offering all the advantages of both a strategic and a financial buyer in one firm. Co-founded by Jon M. Huntsman, one of the world�s leading industrialists, and Robert C. Gay, a former managing director of Bain Capital, the firm focuses on middle market leveraged buyouts and growth equity investments. For more information, please visit www.hgequity.com.
About Grand Isle Shipyard, Inc.
Grand Isle Shipyard, Inc. was founded by Mr. Clyde Pregeant, Sr. The company began with a minimum of personnel and emphasis on boat repairs. Since, GIS has expanded into a highly service oriented company providing a full range of oilfield construction services. GIS�s unique quality is their amazing ability to react to client needs in a very dynamic work environment as well as their innovative thinking as it relates to safety and performance.
Grand Isle Shipyard, Inc. was founded by Mr. Clyde Pregeant, Sr. The company began with a minimum of personnel and emphasis on boat repairs. Since, GIS has expanded into a highly service oriented company providing a full range of oilfield construction services. GIS�s unique quality is their amazing ability to react to client needs in a very dynamic work environment as well as their innovative thinking as it relates to safety and performance.