FORT WORTH, Texas, June 26 /PRNewswire/ -- Gray Wireline Service, Inc.,
a subsidiary of Gray Energy Services LLC, today completed the acquisition
of Master Wireline, L.P. Master is the leading independent provider of
cased- hole wireline services in the Barnett Shale region of northern
Gray Energy Services LLC was formed in early 2006 by Centre Partners,
Centre Southwest Partners and the management of Gray Wireline Service, Inc.
as a platform to create a leading diversified provider of production
enhancement solutions across the North American natural gas and oil
Master, which was founded in 1985 by Jeff Lindeman, Ken Luig and Perry
Luig, operates a fleet of electric line trucks from its facilities in
Wichita Falls and Granbury, Texas, as well as a comprehensive array of
tools, equipment and related vehicles.
According to Gray's Chief Executive Officer Larry Cavanna, the Wichita
Falls and Granbury locations will serve as important new operating
locations for Gray. Jeff Lindeman, Ken Luig and Perry Luig will each retain
an ownership position in the company and will remain active in the
management of the area.
Cavanna commented, "Master establishes a strong footprint for Gray in
the growing Barnett Shale region and is a great complement to Gray's
existing operations in surrounding areas. We believe Master's expertise and
knowledge in the area will be beneficial to the company as we join forces
and move forward to better serve our customers in these areas."
He added, "We are very impressed with Jeff, Ken, Perry and the entire
Master Wireline team. Master has an exceptional operational reputation and
is staffed by very professional and experienced personnel. We are excited
to have them as a part of the Gray team."
Cavanna explained that Gray would immediately add new equipment and
additional experienced personnel to the operations to accelerate growth and
meet the needs of customers.
He concluded, "We are extremely pleased to have made our second
acquisition so quickly after forming our partnership with Centre Partners
and Centre Southwest. The acquisition of Master is another important step
in the realization of our strategic growth plan."
About Centre Partners
Centre Partners is a leading middle market private equity firm with
offices in New York City and Los Angeles. Centre Southwest, an affiliate of
Centre Partners, is based in Dallas, Texas. Centre Partners' Managing
Directors have invested over $3 billion of equity capital in more than 80
businesses in the past 20 years. The firm is currently investing through
its fourth fund, which has approximately $780 million of committed capital.
In addition to the energy sector focus it has developed in conjunction with
Centre Southwest Partners since 2004, Centre has deep investment expertise
covering consumer, healthcare, industrial products and services, media,
restaurants, retail, and aviation services. Additional information is
available at http://www.centrepartners.com .
SOURCE Centre Partners