BWFS Industries Has Been Acquired by JHBDMB Holdings

HOUSTON, August 20, 2025 – GulfStar Group (“GulfStar”) is pleased to announce the acquisition of BWFS Industries LLC (“BWFS” or the “Company”) by JHBDMB Holdings, Inc. GulfStar served as the exclusive financial advisor to BWFS on the sale of its stock to an Employee Stock Ownership Trust (ESOT). The transaction closed on July 3, 2025.

Based in Houston, BWFS is a full-service, ASME-certified fabricator of large, complex pressure vessels with in-house capabilities to engineer, draft, fabricate, stress relieve, sandblast, and coat large pressure vessels in one location with minimal outsourcing. The Company has proudly served the offshore oil and gas industry for more than 25 years and has over 14,000 vessels in use around the world.

“The success of the company is attributed to God’s grace and guidance, along with the strong relationships we’ve built with our clients,” said Joe Butcher, BWFS Founder. “This transaction would not have happened without the support of each of our employees. We also want to thank GulfStar, who served as our trusted advisor through the entire ESOP process: evaluating our transaction alternatives, introducing us to a select group of other ESOP professionals, navigating our path through a complex process, and ultimately helping us achieve the result we wanted. Denise and I are very happy that the future of BWFS is firmly set with the sale to the ESOP, as we know its legacy will continue.”

“We have enjoyed working with BWFS to complete this important transaction. By transforming BWFS into a 100% ESOP-owned company, Joe Butcher has ensured that its customer-centric operations and culture will remain in the hands of its very capable managers and employees, who will benefit in the long-run as owners through their participation in the ESOP,” said Cliff Atherton, managing director at GulfStar. “It was also a pleasure to work with Wayne Isaacks, trustee for the ESOP trust, to structure this transaction. Mr. Butcher will continue his active involvement with BWFS and will serve on its board of directors as chairman.”

The GulfStar team was led by Managing Directors Cliff Atherton, Tom Hargrove and Alex Pette with support from Vice President Ashley Pappas, Associate Alan Sheppard and Analyst Ben Ludwig. Prosperity Bank supplied the senior credit facility for the transaction. A Chamberlain Hrdlicka tax and corporate team, led by Hobbs Gnaim, served as legal counsel to BWFS. PKF provided accounting transaction advisory services.

About GulfStar Group
GulfStar is one of the leading middle market investment banking firms in the United States, with a proven track record of delivering exceptional results in mergers and acquisitions, private placements and strategic advisory services. We advise private business owners and corporate clients with revenues ranging from $25 million to $350+ million across a variety of key industry sectors. Founded in 1990, GulfStar has completed more than 760 transactions in 38 states and 18 foreign countries.