Boomer Well Service is a well service company which operates workover rigs in Western Oklahoma and the Texas Panhandle. The Company is headquartered in Woodward, OK. It was founded in 1999 by Mr. Leon Ramirez, a veteran of 20+ years in the well service industry.
Boomer was referred to the Dillard Anderson Group by an acquaintance in the industry. DAG met with Mr. Ramirez to understand his objectives in considering a sale. After extensive discussion of our process and the marketplace, Mr. Ramirez decided to engage with DAG for a possible sale or merger. The objectives of Mr. Ramirez were to create liquidity and to partner with a strategic or financial partner to continue the growth of Boomer.
DAG presented Boomer to a select number of strategic and financial buyers. The primary marketing period covered a flat period in overall oilfield growth. Therefore, while a number of strategic buyers made proposals for a purchase, valuations were not premium.
DAG located Hancock park Associates, a Los Angeles and Houston based private equity firm. One of HPA’s principles is a previous client of CAGE. HPA presented a proposal for the purchase of Boomer, and, after much negotiation, the transaction was closed July 1, 2008. Mr. Ramirez agreed to continue to manage the Company on behalf of the new ownership.