Houston-based Texas Gulf Energy Inc. (OTCBB: BOCL), formerly Global NuTech Inc., has acquired Fishbone Solutions Ltd. — a high-quality management and technical service company serving the petrochemical industry. Fishbone Solutions is primarily a specialty services staffing business providing personnel and systems for turnarounds, capital projects, revamps and new construction projects. Located in Deer Park, Texas, Fishbone Solutions supplies technical manpower to define, schedule and manage projects nationwide and internationally. The transaction, which closed on Feb. 1, was funded through both cash and stock.
A cultural, strategic fit
“We are very excited to be working with David Mathews, Craig Crawford and the team at Texas Gulf Energy,” said John Sloan, former partner of Fishbone Solutions, who will now be vice president of sales and marketing at Texas Gulf Energy. “It is a great cultural and strategic fit for Fishbone Solutions. We will continue to provide world-class service to our clientele, while partnering with Texas Gulf Energy affords us an opportunity to provide an even better and broader spectrum of construction maintenance services and other advisory services.”
“Texas Gulf Energy is developing a high performance team to deliver project and construction services to the oil and gas industry worldwide,” said Texas Gulf Energy CEO David Mathews. “The synergies with Fishbone Solutions were apparent at the first discussions, all arranged by IVS President Thomas Brinsko. The increased value to our shareholders in this acquisition is a result of IVS Investment Banking staying in touch with our business plans and having an in-depth knowledge of the marketplace.”
Fishbone Solutions will continue as a stand-alone entity working closely with the Texas Gulf Energy’s Professional Services Business Unit, led by Vice President Bob Sabota. This unit is a division within Texas Gulf Energy that supplies experienced project personnel to the oil, gas, refining and chemicals industries.
Fishbone Solutions utilizes proprietary software and systems along with the latest technology to provide clientele with the most efficient services possible. Such technology includes Fishbone Solutions’ SCOPE software, which is used internally by Fishbone Solutions and is licensed directly to major oil refiners and chemical manufacturers. SCOPE and other proprietary and intellectual property of Fishbone Solutions were included in Texas Gulf Energy’s acquisition.
IVS Investment Banking was an adviser to Fishbone Solutions during the transaction.
“Fishbone has been marketing with BIC Alliance for six or seven years now, and I’ve known President Thomas Brinsko for even longer,” said Sloan. “When it came time for my partner and I to consider new investors, it made sense to work with BIC Alliance’s M&A arm, IVS Investment Banking. These guys are really connected in the industry.
“We are very pleased with how the process worked. It was professional, confidential and thorough. If you’re considering new investors or selling outright, I recommend you contact Thomas Brinsko at IVS Investment Banking.”
IVS Investment Banking offers complete investment banking services to assist in buying, selling or growing companies. IVS Investment Banking has the knowledge and experience necessary to complete a number of investment banking services including management buyouts, and seller and buyer side transactions.
Fishbone Safety, a provider of safety personnel and services, was not included in the transaction and will continue to be run by its President and Owner Billy Cain.
For more information on Texas Gulf Energy, visit www.tgnrg.com or call (281) 867-8400.
For more information on Fishbone Solutions, visit www.fishbonecompanies.com or call (281) 538-8700.
If you are interested in selling, investing in or buying companies in the energy, industrial, maritime and/or environmental services sectors, please contact Thomas Brinsko at IVS Investment Banking at (281) 538-9996, email tbrinsko@bicalliance.com or visit www.bicalliance.com.
