L&L Backhoe, Inc. and L&L Dozer, LLC (collectively known as L&L) were incorporated in 1979 by Elaine and Larry Gartrell. The company provides equipment, personnel, and expertise for the preparation of drill sites, lease roads and oil tank batteries. Based in Woodward, Oklahoma the company serves the exploration and production companies working the Granite Wash, Woodford and Mississippian shale plays.
After operating the company for over 30 years, the owners were looking for an exit plan that would allow them to transition into retirement and allow for the continued employment of their loyal and skilled workforce of 105 employees.
The Gatrell’s entrusted DAG to help them with their exit plan by finding a buyer for L&L. DAG developed a list of potential buyers from the private equity community and from strategic businesses. After discussions and site visits with various interested groups, DAG negotiated a transaction with ROC Service Company, a holding of Turnbridge Capital, LLC. ROC is based in Bridgeport, Texas and is a provider of well site construction, roustabout support and general well hook-up and commissioning services to oil and natural gas companies. ROC is one of the leading service providers in its segment in the Barnett shale and Marcellus shale regions, and has a growing presence in the Eagle Ford and Fayetteville shale regions.
The acquisition by ROC provided a major leap into the active Mississippian shale play with an experienced workforce. Larry Gatrell and his staff continued in their management roles.
The transaction was a combination of cash, seller note and earn out, with a total transaction value in excess of $15 million.