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.
“There were two interested, because we are so specific. It was a tough decision, but I couldn’t sustain the pace much longer.”
After seeing off a large UK buyer, the successful bid came from Spectro Scientific – a similar business but with overlapping technologies – owned by New York private equity firm SFW Capital Partners.
With a sophisticated buyer, came sophisticated advisors and lawyers on the buyer’s side. BCMS and Wilks’s legal and tax advisors were well-equipped to negotiate and execute a successful transaction while adeptly navigating deal obstacles as they naturally arose.
Spectro and Wilks got on well, and the offer was attractive. Upon completion of the buyer’s due diligence and on the eve of signing the definitive purchase agreement, it was time to tell the staff.
“That was hard”, Sandy recalls, “Quite a few had worked for my dad for more than 40 years. One of them I babysat for when he was young. They said ‘why didn’t you tell me’ and I said I couldn’t. It was like lying and I felt awkward. But many of the employees had stock and they benefited too.”
With Wilks under new ownership and her responsibilities gradually receding, Sandy is looking forward to getting her life back. Shortly after the sale, she took a riding trek with her daughter, Lyla, to Macchu Picchu in Peru. She is also renovating her house and working through a long list of other desires.
Not only is the legacy of her father’s entrepreneurial spirit is ongoing with Wilks products available globally, but also Sandy’s two grown-up children received some help towards buying their homes. And, of course, Sandy can retire.