Project Hauling (S-Corp) is a two location, diversified oilfield service company serving the mid-continent, with a focus on Kansas, but going to the Colorado and Oklahoma borders. It is headquartered in Kansas and does about 60-70% work-over/production related work and the rest is tied to drilling. With lower prices, the company still stays busy having said that. The company provides an array of oilfield-related services to E&P companies/Operators such as Fluid Services (60-70% of Sales - Water Hauling/Vacuum Trucks), Construction and Dirt Work (10-15%), Oilfield Trucking (10-12%), Rental Equipment (5-10% - Frac/Swab tank rentals), pump & swivel (5-7%). Operating out of two locations, the company is able to cover a wide radius from central Kansas to the Oklahoma border and beyond. 70% owner and founder seeking retirement and Vice President can stay on board if needed. The company also owns 7 salt water disposal wells.
Because of the company's services, about 70% is tied to work-over/production activities and 30% new drilling, so it is protected from oil price fluctuations to some degree. In Kansas, it is very cheap to drill compared to other regions, so new drilling happens here even in the 70's.
To build a $2.5mm EBITDA platform:
There are two companies doing the same things (for sale) in the same geography that GPCP has found that could build a bigger platform if the buyer is interested, building a platform of $2.2-2.5mm EBITDA. The other companies have a combined EBITDA of just under $1mm in fact, and Project Hauling likely will finish 2014 around $1.3mm. The GM of Hauling would stay on board to run all three companies.
Rex Reinhardt at 314.304.3881. Asking price of $5,500,000 and includes real estate.