Spectraseis Sale to ESG
industry leader in surface-based
seismic technology and services
has been acquired by
leading supplier of microseismic monitoring
technology and analysis solutions
Background
- Evangeline Securities (“Evangeline”) was engaged by Spectraseis (“Spectraseis” or the “Company”), a leading provider of surface-based microseismic sensing technology for hydraulic fracturing monitoring, stimulation evaluation and interactive seismicity, to identify potential acquirers
- The oil and gas market downturn severely hampered Spectraseis’ operations, and the Company was willing to explore all possible solutions for its cash depletion
- Evangeline was tasked with running a robust auction process targeting both private equity investors and strategic acquirers in an extremely depressed oil and gas market with valuations aggressively dropping
Background
- In 2015, Evangeline Securities (“Evangeline”) was engaged by Spectraseis (“Spectraseis” or the “Company”), a leading provider of surface-based microseismic sensing technology for hydraulic fracturing monitoring, stimulation evaluation and interactive seismicity, to identify potential acquirers
- The oil and gas market downturn severely hampered Spectraseis’ operations, and the Company was willing to explore all possible solutions for its cash depletion
- Evangeline was tasked with running a robust auction process targeting both private equity investors and strategic acquirers in an extremely depressed oil and gas market with valuations aggressively dropping
Process
- Evangeline immediately secured bridge financing for Spectraseis to fund its operating shortfall while the sale process progressed
- Evangeline reached out to over 200 potential acquirers, eventually leading to a bidding war between two strategic players who could immediately recognize synergies with Spectraseis’ platform
Result
- Spectris plc successfully completed the acquisition of Spectraseis and integrated the Company into ESG Solutions, a leading supplier of microseismic monitoring technology and analysis solutions to the oil and gas sector
- Spectraseis management was extremely pleased with the result of the auction process, especially considering the turbulent market environment