The Transaction

The principals of Founders Investment Banking served as exclusive financial advisor to Timco Services, Inc. in its sale to Frank’s International N.V. (NYSE: FI). Timco and Frank’s entered into a definitive purchase agreement on March 12, 2015 and the transaction closed on April 1, 2015.

The Company

Timco Services is a premium provider of tubing and casing services to the oil and gas exploration & production industry in several of the most active drilling regions of the United States, including the Eagle Ford Shale, the Permian’s Delaware Basin, the Haynesville Shale, and offshore along the U.S. Gulf Coast. Headquartered in Lafayette, LA, Timco has experienced consistent growth over its 38 year history, and the company has seen accelerated growth in more recent years due to the onshore U.S. shale boom.

Frank’s International N.V. provides various engineered tubular services to oil and gas exploration and production companies both onshore and offshore in the United States and internationally, with a focus on complex and technically demanding wells. Founded in 1938, Frank’s International now employs over 4,500 employees and provides services in approximately 60 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.”

The Objective

Frank’s International approached Timco Services as a potential acquisition target, and Timco Services immediately engaged Founders Investment Banking as its advisor in the evaluation of a potential transaction. Timco’s shareholders had built considerable value in the Company over the course of its 38 year history and were interested in realizing partial or full liquidity at a fair valuation.

The Solution

Founders Investment Banking performed a thorough assessment of the company and prepared a detailed financial model and marketing package for Frank’s International to evaluate with respect to a possible transaction. Founders subsequently acted as an intermediary between Timco Services and Frank’s International as confidential information was exchanged, negotiated the terms of the purchase agreement, and ultimately closed the transaction on April 1, 2015, successfully achieving:

  • Full liquidity for Timco shareholders
  • A premium valuation for the Company in light of the macro headwinds facing the industry
  • Fair & equitable treatment of Timco’s employees post-transaction

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