July 21, 2008
Guidry family and investment firm acquire Harvey Gulf
Harvey, La.-based Harvey Gulf International Marine Inc. has entered into a purchase agreement pursuant to which two of its current owners, Shane and Shawn Guidry, along with the Jordan Company, L.P., a New York based private equity firm with over $5 billion of equity capital under management, will acquire the company in a transaction valued at approximately $500 million.
Under the terms of the agreement, current owners, Shane and Shawn Guidry, and management will retain 24% of their outstanding equity interests, and the Jordan Company, L.P. will own the remaining 76%.
Headquartered in New York, the Jordan Company describes itself a private investment firm that specializes in buying and building businesses in partnership with management.
Shane J. Guidry will remain Chief Executive Officer of Harvey Gulf and all its affiliates, positions he has held since 1997, and also become the Chairman of the Board and Chief Executive Officer of the entity acquiring Harvey Gulf, HGIM Corp.
Robert L. Gwinn has been promoted to President and Chief Sales Officer. Shawn Guidry will become Executive Vice President & Chief Operating Officer of Harvey Gulf, assuming the role in the operation undertaken at Guidry Brothers Towing (which will be merged into Harvey Gulf) by his uncle, Dick Guidry, for the past 40 years in Galliano, Louisiana. Chris Paule will be Harvey Gulf's Chief Financial Officer. Steve Sorgenfrei will continue as Harvey Gulf's Vice President of Logistics, and Robert Vosbein, Jr. will continue as General Counsel.
Shane and Shawn Guidry are the third generation of the Guidry family to own and operate Harvey Gulf, which was founded in 1955.
Harvey Gulf specializes in towing drilling rigs and providing offshore supply and multi-purpose dive support vessels for deepwater water operations in the U.S. Gulf of Mexico.
Harvey Gulf has long been known for operating the most powerful towing vessels with superior rig towing safety equipment. Through the specialization of its towing vessels and emphasis on Safety and Environmental management, Harvey Gulf became the leader in towing the largest drilling rigs in the Gulf of Mexico.
Chairman and CEO Shane Guidry commented, "The sale will support the company's experienced management team and mariners with the resources needed to continue to provide our loyal customers with the same level of service and the safety standards they have become accustomed to. Also, it will give us the resources we need to accelerate the expansion of our fleet to meet our customers' growing future needs."
Richard Caputo, Managing Partner of Jordan, said, "Harvey Gulf established a strong position in the deepwater market before others saw the need by building the largest and most technically advanced vessels available and supporting them with effective safety and environmental systems and teams. As a result, the company is very well strategically positioned, and we are excited to be a part of its continued growth in this sector."
The Board of Directors of Harvey Gulf and partners of Jordan have all unanimously approved the sale. The transaction is expected to close in 30 days, subject to regulatory approvals.