North  Star Well Services, Inc. is a well service company which operates workover  rigs, swab units and kill trucks.  The  Company is located in Woodward, Oklahoma.    It was founded in 1999 by Mr. Greg Jeter, Mr. Larry Pingry and Mr. Mike  Mitchell.  North Star operates its  equipment fleet in western Oklahoma and the Texas Panhandle.

North  Star was referred to the Dillard Anderson Group by a previous Woodward based  client.  DAG met with Mssrs. Jeter  and Pingry in early summer of 2007, explained our sales process and talked  about possible valuation levels.  The  owners decided to hire DAGE to investigate a possible sale of the Company.    The objective of the owners was to generate liquidity, and to partner  with a strategic or financial partner to continue to growth of the Company.

DAG  confidentially presented North Star to a number of strategic and financial  buyers.  The primary marketing  period covered a flat period in overall oilfield growth.    This created a situation where the strategic players were interested in  buying, but were not willing to pay a premium for the Company.

DAG  located Hancock Park Associates, a Los Angeles and Houston based private  equity firm.  One of HPA’s  principals is a previous client of DAG.  HPA  presented a proposal for purchase of the Company, and, after much negotiation,  the transaction was closed in July, 2008.    All owners agreed to continue to manage and grow the Company.

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