Tulsa, OK (PRWEB) July 6, 2009
Generational Capital Markets, Inc., member FINRA/SIPC, ("GCM") an advisor to privately held businesses for mergers & acquisitions, announces the sale of its client Powertuff Rig Parts Inc. ("Powertuff") of Houston, Texas to Bronco Manufacturing LLC ("Bronco Manufacturing") of Tulsa, Oklahoma. Powertuff is an ISO 9001:2000 leading manufacturer and supplier of mud pump powertrains and expendables; drawworks, drumshafts, catshafts, drums, clutches and sprockets plus components for swivel, rotary tables, and traveling equipment.
This acquisition enhances the manufacturing capabilities of Bronco Manufacturing, adds product and geographic diversification, and a strong presence in the Houston market. The principles of Powertuff, David Drummond and David McNiece, will become significant shareholders in Bronco Manufacturing and continue to manage the Powertuff operations in Houston. David Drummond, CEO of Powertuff commented, "Bronco Manufacturing is a strong partner with substantial resources that is committed to supporting the growth of Powertuff. The acquisition enables us to better serve our customers with a broader portfolio of high quality replacement parts."
In conjunction with the acquisition of Powertuff, Bronco Manufacturing is launching its Supply Services Division based in Houston. The Supply Services Division will offer full procurement and supply services for capital and consumable products for the global oil and gas industries. Paul Humphries, will serve as General Manager of the Supply Services Division. Max Mantooth, CEO of Bronco Manufacturing commented, "We are pleased that Paul has joined the Bronco team and will lead the newly formed Supply Services Division. Paul is a proven manger with extensive knowledge of the oilfield supply business which is a natural extension of Bronco's core business."
Bronco Manufacturing, founded in 1980, is a Tulsa, Oklahoma based leading manufacturer of replacement parts for drilling, workover and well servicing rigs. The company currently manufactures and supplies over 80,000 replacement parts which are sold to a variety of customers, composed of international and domestic land and offshore drilling contractors, private and nationally owned drilling companies, repair centers and supply stores located primarily in international markets. For more information, visit our website at http://www.broncomfg.com.
GCM performed the buyer marketing and transaction services for Powertuff. Mr. Brenen Hofstadter, President of GCM, and Mr. Chris Heckert, VP of GCM, were the lead advisors. Mr. Hofstadter said "The principals of Bronco and Powertuff have known each other for many years as the companies have been strong competitors. While there were numerous suitors for our client, it became clear that Bronco was the optimal acquirer." GCM is wholly owned by Generational Capital, LLC ("GC"). For more information visit http://www.gencm.com. The transaction closed April 17, 2009 and the terms were not disclosed.
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