OFS Energy Fund News

April 5, 2012

OFS Energy Fund Completes Majority Recapitalization of Vision Oil Tools, LLC

Vision’s experienced management team and strong market backdrop

position the company for significant growth

Houston – April 5, 2012 – OFS Energy Fund (“OFS”) has completed a majority recapitalization of Vision Oil Tools, LLC (“Vision”), a Wyoming and North Dakota-based oilfield rental tool and fishing services provider. Gary Roberts, Vision’s CEO and prior majority owner, joined the company in early 2010 and successfully grew the company from 1 location and 8 employees to 3 locations and 54 employees in just over two years. Additionally, the company recently hired Gay Mayeux, former Vice President and Controller of Weatherford International, as CFO and added Chris Rivers, former CEO of M-I SWACO to the company’s Board of Directors.

 
“Gary Roberts and his team have worked tirelessly to expand this business and we are honored to work with Gary, Gay, and the new Board members to rapidly expand this business operating primarily in the Bakken Shale,” said Bruce Ross, Managing Partner of OFS. “We look forward to making Vision the leading fishing and related tool rental business in the Bakken and Niobrara shales, with other nearby basins as incremental growth opportunities.” Ross will serve as Vision’s Chairman of the Board.
 
“I am excited to partner with OFS and its team, which has a significant track record of success with a focus on energy service companies. Their industry experience and relationships as well as their Board participation will be invaluable as we continue to execute the growth plan for Vision.” Roberts said, “From Letter of Intent to closing took approximately 60 days, which is very fast considering there were a number of complex tax and structural issues. Furthermore, we granted key employees ownership in Vision, which added an additional layer of complexity to the transaction. To accomplish all of this, while managing the operational demands in the Williston, ND area, is a testament to the speed of execution for this new team.”
 
Transaction and bridge financing were provided by Cadence Bank, N.A. of Houston, TX. The corporate insurance program was provided by the Lockton Companies of Houston, TX.
 
About OFS
OFS Energy Fund is a Houston-based private equity firm specializing in acquisitions and recapitalizations of middle-market companies with enterprise values between $5 million and $100 million in the energy service industry. The management team of OFS previously co-founded and managed Dorado Energy Partners. For more information, please visit www.ofsfund.com.
 
About Vision
Vision Oil Tools, LLC provides equipment rental and fishing services to the Wyoming and North Dakota oilfield. Vision was established in 2000 and currently has sales of approximately $35 million.
 
 

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