Desco announces platform acquisition and formation of blackeagle energy services
On April 20, 2011, Desco Corporation acquired certain assets and assumed certain specified liabilities of the Colorado divisions of Hettinger LLC. The acquired assets will be part of a new company, Blackeagle Energy Services, and will be led by Jim Claunch, President, and Vice Presidents Larry Mayo and David Mayo, formerly members of management of the Colorado divisions of Hettinger LLC. With the financial, strategic and other support of Desco, Blackeagle Energy Services looks forward to growing and enhancing the oil and natural gas construction and engineering services foundation initiated by the Colorado divisions of Hettinger LLC. The acquisition highlights two of Desco’s hallmarks: speed and flexibility. Desco closed the acquisition within two weeks of signing a letter of intent and provided 100% of the consideration in cash at closing.
Jim Claunch, President, stated: “We are very excited about the opportunity at Blackeagle Energy Services to work with the team at Desco in fostering and supporting our growth. The substantial resources of Desco will allow Blackeagle Energy Services to grow with our customers while providing comprehensive, top-notch services.”
Blackeagle Energy Services is a leading Rocky Mountain-based provider of construction and engineering services for the oil and gas industry. Services provided include pipeline and facilities construction, fabrication, and related engineering and maintenance services for customers building and operating oil and natural gas infrastructure. Headquartered in Berthoud, Colorado, the company provides its services to many of the major mid-stream oil and natural gas companies in the U.S.
Desco Corporation is a privately-held company headquartered in Columbus, Ohio. Since 1966, Desco’s team of executives and professionals have been acquiring and operating industrial businesses in the U.S., Europe and Asia with revenues ranging of up to $150 million each. Over this 40+ year span, Desco has compiled a long and successful track record of developing and growing a variety of businesses. Currently, Desco owns eight separate middle-market industrial businesses serving a variety of end markets. Desco has a debt-free balance sheet with a very strong cash position.