Corinthian Capital Purchases Majority Interest In RenegadeHow GulfStar helped these smart, young owners find security and exciting possibilities for the future
Jake, Jared and Joe Percifull, all now in their 30s, started Renegade in 2006 with a single truck and some big ideas. By 2013, they had built a multi-location company with approximately 180 employees and a stellar reputation in the oilfield services industry, with contracts in some the nation’s most prolific E&P regions. Initially Renegade provided expert repair and maintenance services, but in short order, the brothers and their partner Mike McBride expanded their offerings to include automation services. They added value by more efficiently performing critical safety oversight, well monitoring and in-the-field operations and employment services as a natural extension of their clients’ HSE and HR teams.
Not Surprisingly, The Company Took Off. Fast.
Maintaining Renegade’s momentum required significant, ongoing capital expenditures, an increasingly difficult proposition. Enter GulfStar. Based on a referral from a family member who had worked with GulfStar in a similar situation, Jake contacted GulfStar for help marketing the business, which now included two Renegade companies.
The plan to sell was part of a larger strategy for the Percifulls, whose goals were to achieve financial security for their families and pave the way for a healthy future for Renegade.
“Renegade was doing very well,” says Jake, Renegade CEO and the eldest of the brothers. “We had grown the company by building good relationships with our customers. Recapitalizing through Corinthian was the perfect solution for everyone. With their resources and expertise, we see great things happening in the future. And we’re very happy to be staying on to help be a part of it.”
Middle-market Investment Banking Experts, First; Personal Consultants And Confidants, A Very Close Second
GulfStar developed a comprehensive marketing strategy that attracted multiple potential investors, including both private equity and strategic buyers, and then shepherded the Percifulls through the entire sales process.
“For our clients, selling the business you helped create is always emotional,” Managing Director Cliff Atherton explains. “Our job is not only to find buyers and negotiate the best business deals, but to act as a consultant and trusted advisor on a very personal level.” GulfStar kept the Renegade owners well informed every step of the way as they managed the deal on their behalf, in the strictest confidence to the end. In the meantime, the Percifull brothers and Mike were able to focus on running their business, which performed even better than expected.
The Deal Goes Exactly As Planned.
Managing Director Tom Hargrove is proud of the way the deal progressed as the GulfStar team narrowed multiple offers to the best and final deal with Corinthian Capital, a private equity firm they had worked with before. “There were no surprises at all,” Tom says. “From the day we received Corinthian’s letter of intent to the close of the deal, nothing changed. In fact, we were able to negotiate with Corinthian to cover Renegade’s recent capital expenditures, which was great for our clients and made great financial sense for Corinthian as well.” An important factor in the outcome of this successful transaction, Jake, Jared, Joe and Mike continue to manage the company they so diligently built.