SANDY WILKS RINTOUL
With revenue up to $3 million by 2012, and healthy profits, Sandy had begun thinking of how to exit, and had begun researching investment banking firms with strong M&A capabilities.
Even though we were making 70% profit on each instrument, we quickly realised that most bankers don’t deal in the $3-$5 million range. I’d seen four or five when we attended a BCMS seminar in Hartford, and signed up shortly after.
The hardest part for Sandy was she didn’t want the employees to know about the potential sale until a transaction closing was imminent, so as to not lose any personnel in a small company where everyone was key.
While Wilks core clients were the oil majors, its robust equipment is also used in hospitals, on submarines, and at water treatment plants. Moreover, it offered the best margins in the sector, and huge scope for product and market extension.
BCMS identified nearly 200 potential buyers from around the world, and the response was encouraging, with more than 40 requesting further details. Eventually, two seriously interested parties emerged.