Peek & Rowan, Inc., Wooster, Ohio, is an oil and gas drilling contractor which operates three Walker-Neer Apache drilling rigs, primarily in eastern Ohio. After operating the Company profitably for over ten years, they were interested in generating liquidity and in relocating back to their ‘roots’ in Texas.
The owners, Jerry Peek and Jim Rowan, engaged DAG to pursue the sale of the Company. Having been successful in selling Capstar (which ran the same design rigs in West Texas), DAG approached Oil States International Inc. through their subsidiary, Hydraulic Well Control, Inc. Peek & Rowan proved to be a perfect ‘add on’ acquisition for OSI, as it provided geographic expansion for the operation of the Walker-Neer line of drilling rigs.
The sale was completed with Oil States International at a very attractive multiple of earnings. Mr. Peek and Mr. Rowan stayed through a transition period, then realized their objective of retirement.