Business Description: Portal, based in Lignite, North Dakota, is a leading provider of oilfield, energy infrastructure and heavy civil construction and maintenance services in the northern Williston Basin, including the Bakken region. Over its 48-year history, Portal has built a strong reputation as a single source solution provider offering services across a wide spectrum of a well’s lifecycle. Portal is also an exclusive distributor in the United States of HG Pumping Units (pumpjacks), which are more economical and energy efficient than competitive products.
Challenge: Given Portal’s rapid growth, need for additional capital and desire by largest shareholder to obtain liquidity for his position, owners elected to “test the market” to find a buyer and/or investor.
Solution: Wilcox Swartzwelder & Co. created the marketing materials, ran an aggressive sales process to identify interested strategic buyers and private equity groups and negotiated favorable terms with Saybrook Capital and Silver Peak Partners.
Transaction Demonstrates: Ability for Wilcox Swartzwelder & Co. to successfully execute a complex corporate divestiture and is another example of its experience working with energy service companies and private equity groups.
Wilcox Swartzwelder & Co. provides energy investment banking in North Dakota.
See press release.