The Selling Company: Keane & Sons Drilling & Fracing, headquartered in Lewis Run, Pennsylvania, is one of the premier service providers in the Marcellus Shale play in Pennsylvania, West Virginia, and Ohio.
Why the company was sold: The shareholders were seeking liquidity, diversification, and estate preservation for themselves and their families.
Capital Alliance’s Performance: CA prepared a one-page blind profile, an in-depth briefing describing the operation, as well as a management presentation for meetings with buyers. CA developed and interacted with over twenty-five qualified potential buyers on this transaction.
Terms of the Transaction: The selling shareholders received well over $100 million in cash at closing for roughly 80% of the company.
The Acquiring Company: Cerberus Capital Management, LP is one of the largest and most highly respected private equity firms in the business. This buyer moved quickly and efficiently in conducting due diligence and assembling closing documentation.