EA Services, Inc. Sold Its Mechanical Services Division to TEAM Industrial Services, Inc.
HOUSTON, February 16, 2012 - GulfStar Group is pleased to announce the sale of the assets of the mechanical services division of EA Services, Inc. ("EA" or the "Company") to Team Industrial Services, Inc. ("Team"). GulfStar served as the exclusive financial advisor to EA throughout the transaction, which closed on December 30, 2011. GulfStar worked with EA for more than a year implementing a debt-reduction strategy that created liquidity to support the Company's return to a healthy growth trajectory and ultimately positioned it for this successful sale transaction.
Headquartered in Houston, Texas, EA is a leading provider of pipe and infrastructure maintenance and repair services to a diverse set of industrial end markets, including refining, petrochemical, power generation and civil infrastructure. The Company's products and services ensure and restore structural integrity for all types of piping and infrastructure, with a focus on those operating in highly corrosive, high-temperature and high-pressure environments. It will continue to provide pipe and infrastructure coatings services under the EA brand through a retained portion of the business.
"We are thankful to have completed this process," said EA CEO Kevin Stern. "We believe that Team is an excellent fit for the business and our employees. We are grateful for the guidance and dedication GulfStar provided throughout this process. GulfStar gave EA an impressive amount of support and a high level of professional expertise in the course of our negotiations."
TEAM, Inc. (NYSE: TISI), headquartered in Alvin, Texas, is a leading provider of specialty services required in managing, maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. TEAM offers these services in more than 100 locations throughout the world.
The GulfStar Group transaction team included Managing Director Bryan Frederickson, Vice President Brian Lobo, Associate Chase Stanzel and Associate Jeff Maddox. "We are very pleased to have represented EA and its shareholders in steering this transaction to a successful closing," said Bryan Frederickson. "All parties involved remained dedicated to the process and acted in a highly professional manner. Team, Inc. was an exemplary buyer, and we appreciate the time and resources it expended under a tight time frame."About GulfStar Group
GulfStar Group is a leading middle market investment and merchant bank headquartered in Houston, Texas, with a strong market presence in Austin, Dallas, Louisiana and Oklahoma. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround advisory services and general corporate finance advisory services to companies with revenue or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 550 transactions in more than 30 states and seven foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.