Published on : Monday, December 16, 2013
Deloitte Corporate Finance LLC (“DCF”) acted as exclusive financial advisor to Wyoming-based Elkhorn Holdings, Inc. (“Elkhorn”), a leading employee-owned, turnkey provider of infrastructure construction and maintenance services to high-growth U.S. energy sectors, in its sale to Wood Group (LSE: WG), an international energy services company. The acquisition closed on December 9, 2013, following receipt of anti-trust approval from the U.S. Federal Trade Commission.
DCF advised Elkhorn on the exploration of various strategic alternatives, including the consideration of a strategic sale and financial sponsor investment participation through a majority recapitalization and an S-Corp ESOP co-investment opportunity.
“We could not be more pleased with DCF’s efforts in helping us achieve a positive outcome for our employee-stakeholders in this transaction,” said Sean Sullivan, chairman and CEO of Elkhorn.
“It has been a pleasure to work with Sean and his management team on this transaction with Wood Group. We are excited for the combination of these two like-minded cultures and their collective future,” said Eric Andreozzi, managing director and head of Energy Services for DCF.
Lou Paone, managing director and head of ESOP Corporate Finance for DCF, added, “It is fitting that Elkhorn’s employee-stakeholders, through their ESOP, were able to benefit from the value created by this transaction.”
Source:- Deloitte
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