BlueFin Services Sale to GATE Energy

a leading pipeline, mechanical and production optimization service provider headquartered in Broussard, LA

has been acquired by

Background

Evangeline Securities (“Evangeline”) was engaged by BlueFin Services, LLC (“BlueFin”), a leading pipeline, mechanical and production optimization service provider headquartered in Broussard, LA, to pursue a sale of the business through a fully marketed auction process
BlueFin co-founder, Michael “Micky” Pugh was retiring and wanted to exit the business while leaving management duties to his son David “Ducky” Pugh and son-in-law Bryan Lipari, already owners
In addition, BlueFin wanted to concurrently spin-off its rental division into an independent entity owned by an additional co-founder, adding substantial complexity to the transaction
The continued downturn in the oil and gas market also raised considerable valuation concerns for management

After performing a full valuation analysis for BlueFin, Evangeline launched a robust auction process, personally contacting over 100 institutional and strategic players
The auction process proved extremely successful, leading to multiple term sheets from investors around the country and thus allowing BlueFin to demand an optimal valuation despite extremely challenging market conditions

BlueFin successfully spun off its rental division and sold 100% of its business to GATE Energy, Inc. (“GATE”), a leading engineering solutions supplier to the oil and gas industry based out of Houston, TX, at the high end of an impressive valuation range
Owner is extremely pleased with the auction result as Evangeline advised the Company through the abbreviated timeline and found the right partner to purchase a majority stake and lead the Company to future growth with a reduced risk profile for the Owner