International Business Exchange (IBEX) announces the sale of an Oil Field Service (OFS) company on April 1st, 2020. IBEX served as the exclusive merger and acquisition advisor to owner, Dwight Freeman.
Founded in 1959 and acquired by the current owner in 1999; OFS provides oilfield services (roustabout services, water hauling, "dirt" work, equipment maintenance, and SWD wells). They are considered the most respected oilfield services company in this area; with MSA's, strong relationships with oil companies; while owning the only commercial SWD wells in this service area.
The buyer has had a salt-water hauling business approximately 30 miles from General, Inc, and wanted to expand his operations to include a much wider range of services. So he acquired additional salt-water disposal wells to service the expanded area. The acquisition of General, Inc accomplished his vision for expansion, and in addition, acquiring the fuel station provided a good expense reduction in fuel costs for the entire business. The buyer commented “This was truly a WIN-WIN for me as well as the seller.”
The Seller had been in the oilfield services business for 40+ years, and was tired and ready to retire to work on his personal projects, which he said “I never have time or energy to do what I really want to do.” The sale enabled him to spend his time with his wife, his dogs, and his love for wood working.“I am a happy camper. Thank you, IBEX.”
The IBEX team of Bob Blanscett served as advisor throughout the acquisition process. Helping coordinating buyer/seller communications and providing comprehensive due diligence materials. IBEX was involved during the closing process in coordinating documentation and timelines with the buyer, seller, attorneys, lender and other deal professionals.”
Bob Blanscett | Account Executive
MSTC, CBI, Board Certified Broker
International Business Exchange
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