in a large number of transactions
across a wide spectrum of industries
FORT LAUDERDALE, Fla. (January 25, 2011) – Fort Lauderdale-based investment banking firm Farlie Turner & Co. announced today that it served as exclusive financial advisor to IOS/PCI, Inc. in its recent sale to Baltimore-based private equity firm Calvert Street Capital Partners. This is the second sellside transaction in the oilfield services space that the firm has completed since August.
Based in Lafayette, Louisiana, IOS/PCI, Inc. is a leading provider of non-destructive testing and inspection services for oil country tubular goods, including production tubing, drill pipe, casing and drill tools. The Company’s inspection services are provided to oilfield services companies, drilling contractors and E&P companies operating in Texas, Louisiana and Pennsylvania. Following the transaction, IOS/PCI, Inc. will continue to operate under the leadership and direction of Kevin McKay, IOS’s President, who along with the Company’s former majority owner, Pete Nicolosi, will continue to serve on the Board.
“Farlie Turner made a promise to me that they would dedicate senior level attention to what was one of the most important events in my life – the sale of my business – while maximizing value in the process. They worked tirelessly on my behalf and delivered exactly what they promised,” stated Pete Nicolosi. “Given my role as President of the Company and my desire to continue growing the business, finding the right partner was just as important as maximizing value. Farlie Turner’s thoughtfulness in buyer selection which produced a number of very attractive options to the shareholders was truly outstanding. Needless to say, we’re excited about our new partnership with Calvert Street as we continue to grow the IOS/PCI business,” added Mr. McKay.
Terms of the transaction were not disclosed. If there are any questions on the IOS/PCI transaction or Farlie Turner’s oilfield services experience, please call Erik Rudolph or Kerensa Iraha at 954-358-3800.
About Farlie Turner & Co., LLC
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. Please visit www.farlieturner.com for more information.
About Calvert Street Capital Partners
Founded in 1995, Calvert Street Capital Partners is a lower middle market private equity business based in Baltimore, Maryland. Calvert Street Capital Partners makes control investments in scalable niche manufacturing and business service companies, and invests in companies with a minimum of $5 million of EBITDA. The firm invests $10 to $40 million of equity capital in each platform strategy investment. Since its inception, Calvert Street Capital Partners has acquired more than 35 companies in a wide variety of industries.