Laney announces sale to Maxim and Falcon

Laney Directional Drilling Co., the world's largest independent horizontal directional drilling (HDD) company serving the oil and gas pipeline industry, has been acquired by an affiliate of Maxim Partners, LLC and Falcon Investment Advisors, LLC.

“Laney is pleased to announce this acquisition, which represents a great opportunity for both our employees and the company to continue driving growth and offer best in class service to our customers.” Laney Chief Executive Officer Kevin Fox said. “We look forward to partnering with Maxim and Falcon to significantly increase our portfolio of HDD capabilities as well as extend the Company’s geographic reach.”

Founded in 1989, Laney is the only HDD company in North America providing integrated engineering, design and construction services. For more than 25 years, the Company has specialised in providing HDD services that address the most complex crossing needs of customers in the global energy, telecommunications and infrastructure markets

“Maxim and Falcon are excited to partner with existing management to support the Company’s strategic vision of becoming North America’s preferred supplier of HDD services for energy infrastructure,” said Ryan Franco, a Managing Partner at Maxim. “In addition to providing financial sponsorship, we are placing accomplished pipeline industry veterans onto Laney’s board including Rick Turner, an Energy Industry Partner for Maxim, Ron Page and David Lytle. These individuals have achieved marked success through their associations with Energy TransferEntities, Red Cedar Gathering, PVR Partners, El Paso Corporation, Boardwalk Pipeline Partners, Saddle Butte Pipeline, and Koch Industries and will supply strategic counsel to the Company as it enters its next phase of corporate development.” 

Ryan added, “Laney was acquired through Maxim’s new energy partnership with Falcon and demonstrates our unique ability to provide turn-key subordinated debt, preferred equity and common equity required to close a substantial change-of-control transaction.”

Laney was previously owned by a private equity consortium comprised of Chart Capital Partners, Prudential Capital Partners, Quilvest USA and Basic Materials and Services LLC. “We are very proud of the accomplishments of Laney’s management team and employees,” said David Collier, Managing Director at Chart Capital. "Our group acquired a well-run family business and worked closely with a great management team to transform the company into a world-class HDD firm. We are pleased to deliver a company that is stronger in every way. The partnershipwith Maxim and Falcon will provide for Laney's continued growth and success.” Chart and its co-investors will maintain a minority ownership position alongside Maxim and Falcon.

Stifel served as exclusive financial advisor and Moore & Van Allen PLLC served as legal counsel to Laney. Andrews Kurth LLP and Latham & Watkins LLP served as legal advisors to Maxim and Falcon, respectively.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/12082014/laney-announces-sale-to-maxim-and-falcon/