OFS Energy Fund News

April 14, 2014

OFS Energy Fund Sells Vision Oil Tools to B/E Aerospace

Transaction generates strong return for the Fund’s limited partners in two year ownership period

Houston – April 14, 2014 – OFS Energy Fund (“OFS”) has closed the sale of Vision Oil Tools (“Vision”), a Fund II portfolio company, to BEA Logistics Services LLC, a wholly-owned subsidiary of B/E Aerospace, Inc. (“B/E”), the world’s leading manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables, and logistics services. This acquisition furthers B/E’s initiative to expand its consumables management segment into the oilfield rental equipment, logistics and services business. Gary Roberts, Vision’s CEO, along with the remainder of Vision’s management team will remain with the business post-transaction. The acquisition purchase price, including expenses, was approximately $145 million. An additional payment of approximately $35 million may be paid in 2015 subject to Vision achieving certain financial results during 2014.

 

OFS was first introduced to Roberts by a mutual business associate based in Denver, CO in January 2012. Within ninety days of first introduction, OFS completed due diligence and executed a two-step transaction by i) financing Roberts’ buyout of his existing partners in Vision and ii) executing a majority recapitalization of Vision with Roberts rolling a significant minority stake. In September 2012, Vision added Brad Hayden as COO and expanded its operations into the Colorado market by purchasing the assets of Hayden’s business, Piceance Fishing & Rentals. Vision then expanded organically into the Texas market in 2013 by adding locations in San Angelo and Weatherford.

 

“It has been our pleasure to work with Gary, Brad Hayden and the Vision team to rapidly grow the business with a successful outcome for all shareholders.” said Bruce Ross, Managing Partner of OFS. “We wish them the best as they move forward with B/E.”

 

“Partnering with OFS in 2012 enabled me to execute a growth strategy to achieve this result for all of Vision’s shareholders,” Roberts said. “Over the past two years, we expanded our geographic footprint from North Dakota and Wyoming into Colorado and Texas and increased our asset base five-fold. I look forward to continuing the organic growth of this outstanding business with B/E.”

 

Simmons & Company International served as exclusive financial advisor to Vision in the transaction.

 

About OFS

Houston-based OFS Energy Fund is one of the few professionally managed private equity firms that specialize in acquiring and recapitalizing lower middle-market energy service companies. OFS seeks to provide capital to business owners including buyouts, recapitalizations and growth equity investments. The Fund supports the development of management, appropriate governance, professionalization of reporting and tracking of operating metrics. Additionally, OFS lends industry relationships, ideas for operational improvement and support in developing strategic growth plans and initiatives. 

 

About Vision Oil Tools

Vision Oil Tools, LLC provides rental tools and fishing services to its customers in the North Dakota, Wyoming, Colorado and Texas oil and natural gas industry. Vision operates in two segments, Rental Tools and Fishing Services. Vision was founded in 2000 and is based in Houston, TX with additional locations in Rock Springs, WY; Gillette, WY; Williston, ND; Dickinson, ND; Rifle, CO; Fort Lupton, CO; San Angelo, TX; and Weatherford, TX.

 

 

OFS Energy Fund
6363 Woodway Drive, Suite 900

Houston TX 77057
view map
Main Number: (713) 580-2727