Stephens Invests In Directional Drilling Companyadmin
Stephens Inc.’s private equity firm will make a majority equity investment in an independent directional drilling company and provide subordinated debt financing, the company announced Tuesday.
Terms of the deal between Little Rock-based The Stephens Group LLC and Multi-Shot LLC were not disclosed.
This is Stephens’ third major capital investment in an oil and gas-related company. In February, Stephens announced two private deals to invest in energy service operators Seminole Energy of Tulsa and Spitzer Industries of Houston.
Multi-Shot, based in Conroe, Texas, is active in the Barnett Shale and throughout Texas, Louisiana, Montana and the Rocky Mountains. In addition to directional drilling services, Multi-Shot provides down-hole surveying, measurement while drilling services, down-hole motors and steering tool services.
Multi-Shot is currently merging with JK Acquisition. Following merger completion, JK Acquisition will change its name to MS Energy Services Inc. The existing Multi-Shot management team will continue to be responsible for managing the operations of the merged company, according to a company statement.
Information from: www.nwaonline.net