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Farlie Turner Completes Oilfield Services Transaction with Sale of Erick Flowback Services and Rod’s Production Services
FORT LAUDERDALE, Fla. (July 7, 2014) – Fort Lauderdale-based investment banking firm Farlie Turner & Co. is pleased to announce the sale of Erick Flowback Services, LLC and its affiliate, Rod’s Production Services, LLC (collectively, “EFS”) to New Source Energy Partners L.P. (NYSE:NSLP), an integrated MLP with upstream and oilfield services segments. Farlie Turner served as the exclusive financial advisor to EFS for the transaction, which closed on June 26, 2014.
EFS, headquartered in Kingfisher, OK, is a leading provider of well testing and flowback services to oil and gas operators in U.S. onshore markets. These services are required after a well is drilled and completed to test and monitor the well and remove and separate completion fluids, proppants, sand and debris from production fluids. With its acquisition of Rod’s Production Services, LLC in 2013, EFS expanded its geographic footprint into the Eagle Ford Shale and Permian Basin, two active, oil-rich markets. EFS presently operates 9 field locations and serves customers in Texas, Oklahoma, Pennsylvania, Ohio, West Virginia, Kansas and New Mexico.
Mark Snodgrass, CEO and co-founder of EFS, will continue his executive role for the services segment with New Source. “I’m pleased to be partnering with the team at New Source that shares my vision for the company and our top-notch people,” commented Mr. Snodgrass. “We have a mutual goal of continuing to grow the EFS brand while providing our customers best-in-class flowback services,” he stated. “Scott Sanderson and the Farlie Turner team were instrumental in providing guidance and advice throughout this process.”
“The transaction marks another successful outcome for a client in Farlie Turner’s energy services group,” commented Scott Sanderson, a Managing Director at Farlie Turner. “The EFS management team has built an outstanding company, growing revenue, profitability and scope of operations dramatically in the last seven years. This growth has been driven by the EFS team’s commitment to service, quality and safety. The success of the transaction and partnership with New Source are a testament to the business that Mark and his team have built.”
About Farlie Turner
Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services to middle market companies.