Business Description: Operating from its 17 supply stores located throughout West Texas, Southeastern New Mexico and its centrally located distribution center, PSS is one of the largest distributors of oilfield pipe, valves, fittings and other general supplies in the broader Permian Basin. PSS was founded in 1990 and is headquartered in Midland, Texas.
Challenge: The owner desired to either sell the business outright to a strategic buyer or recapitalize the business with a strong private equity group. However for tax planning purposes, it was very important to close a transaction by year end 2012.
Solution: The owner engaged Wilcox Swartzwelder & Co. to create and manage a controlled auction sales process. In less than three months, WS&Co aggressively solicited interest from a number of qualified buyers, negotiated favorable terms with MRC Global (McJunkin Red Man Corporation) and successfully closed the transaction.
Transaction Demonstrates: Another example of Wilcox Swartzwelder & Co.’s deep industry knowledge, transaction execution expertise and its ability to move fast.
Wilcox Swartzwelder & Co. provides energy investment banking in Midland / Odessa, Texas.
See press release.