GATE, Inc. Has Completed a Private Debt Placement with Morgan Stanley Credit Partners
HOUSTON, March 30, 2016 -- GulfStar Group (GulfStar) is pleased to announce that Gibson Applied Technology & Engineering, Inc. (GATE, Inc. or GATE) has completed an initial offering of second lien notes to Morgan Stanley Credit Partners to support GATE's strategic acquisition program, with the ability to deploy additional capital for growth initiatives. GulfStar served as exclusive financial advisor to GATE on the transaction, which closed on March 14, 2016.
Founded in 2000, GATE is a privately held consulting and engineering firm based in Houston, Texas that serves clients in the deepwater offshore oil and gas industry. GATE was established as a consultancy specializing in the areas of materials selection and corrosion control, subsequently expanding its capabilities to include flow assurance, commissioning & startup, water injection systems design, subsea engineering, operations readiness, chemical systems engineering and regulatory compliance.
"We greatly appreciate GulfStar's efforts in a very challenging environment to assist GATE in securing this financing, which gives us the needed capital to grow our business through acquisitions and ensure that we can thrive during the current industry downturn," said Grant Gibson, founder and CEO of GATE. "We believe this strategy will present opportunities to create substantial long-term stakeholder and client value as well as position GATE for a strong and exciting future."
Morgan Stanley Credit Partners, part of Morgan Stanley Investment Management, invests in corporate debt securities issued by middle market companies. With approximately $1.2 billion in capital under management, Morgan Stanley Credit Partners' experienced investment professionals bring significant expertise in origination, structuring, credit analysis and principal investing in the leveraged finance markets. The team, based in New York, focuses on deploying capital in North America and Western Europe.
"We are pleased to have successfully arranged this acquisition facility for GATE so that the company can leverage the current industry environment to consolidate market share and expand its service lines," said Bryan Frederickson, GulfStar managing director who led the transaction team. "We also appreciate Ashwin Krishnan and his colleagues at Morgan Stanley Credit Partners for taking the time to evaluate the opportunity on its own merits under very difficult market conditions. I believe this will prove to be a terrific investment for them."
The GulfStar team consisted of Managing Directors Bryan Frederickson and Roshan Gummattira, supported by Associate Thomas "Tee" Tompkins and Analyst Alex Pette.
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Group GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 630 transactions in 32 states and 14 foreign countries across a variety of industries.
Securities offered through GulfStar Group I, Ltd. an affiliated entity, member FINRA - SIPC.