OTI Operating, Inc. (“OTI”), located in Woodward, Oklahoma, was formed in 2005 through the merger of Rick Wilson Inspection and AMAC Oilfield Pipe Inspections. The owners Rick Wilson and Steve Wilson had previously worked together at Oilfield Tubular Inspections in the ‘70’s and ‘80’s. The company and its principals have an exceptional reputation in the oilfield for quality and dependability. OTI serves operators in the Woodford, Granite Wash and Mississippian plays.
Mr. Wilson and Mr. Randolph were enjoying great success and looking at additional growth opportunities. Given their past experience the owners knew they needed an equity partner to help finance their next phase of growth and allow them to gain some financial security though merger. The owners engaged The Dillard Anderson Group (DAG) to explore options for their company.
DAG performed an analysis of both financial and strategic buyers, and presented pertinent information to a select few who were interested in pursuing a transaction. IOS Holdings, Inc. and Calvert Street Capital Partners provided the most attractive valuation and best strategic fit. IOS retained all the OTI employees, and has plans for further expanding the business. Mr. Randolph and Mr. Wilson realized their goal of financial security and partnership for continued growth as a part owner of IOS.