Rocaceia Energy Services Has Been Acquired by Main Street Capital Corporation
HOUSTON, TX, July 15, 2015 - GulfStar Group ("GulfStar") is pleased to announce the sale of Quality Lease Service LLC and Quality Lease Rental Service LLC, dba Rocaceia Energy Services ("Rocaceia" or the "Company") to Main Street Capital Corporation (“Main Street”), through a process administered under Chapter 11 of the United States Bankruptcy Code. Main Street was senior lender to Rocaceia prior to the bankruptcy filing and took control of the Company through a successful credit bid of its debt at an auction conducted on May 7, 2015. GulfStar served as exclusive advisor to Rocaceia throughout the transaction, which closed on June 8, 2015.
Rocaceia is a leading provider of oilfield accommodations and related equipment and services to drilling rig operators and well completion companies in the Eagle Ford shale formation of south Texas. The Company leases these assets to clients under the Quality Lease Service, LLC (“QLS”) and Quality Lease Rental Service, LLC (“QLRS”) names.
“We are pleased to have successfully addressed our company’s balance sheet issues through the bankruptcy process and positioned Rocaceia to continue providing premium service to its clients,” said Chris Williams, president of Rocaceia. "We very much appreciate GulfStar’s work advising the Company regarding the sale and restructuring in a difficult market environment."
Main Street Capital (NYSE: MAIN) predecessor investment funds were originally founded in the mid-1990s. Since that time, Main Street Capital has founded, purchased or financed lower middle market investments in over 200 companies in numerous industries. It invests up to $75 million of debt and/or equity in companies with revenue and EBITDA exceeding $10 million and $3 million, respectively.
The GulfStar team included Managing Director Bryan Frederickson, Vice President Justin Moers, Associate Ben Stanton and Analyst Alex Pette. “Management did an excellent job managing Rocaceia through a difficult situation that was compounded by deteriorating market conditions. Main Street was a rational and supportive lender that ensured the Company had access to needed liquidity during the administration of the case. It should be well positioned to optimize recovery as activity firms up in the onshore market.”
About GulfStar 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 13 foreign countries across a variety of industries.
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Securities offered through GulfStar Group I, Ltd. an affiliated entity, member FINRA – SIPC.