Texas Energy Control Products Has Been Acquired by Eagle Automation
HOUSTON, TEXAS (August 13, 2019) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Texas Energy Control Products, Inc. (“TECP”) has been acquired by Eagle Automation (“Eagle”), a portfolio company of Featheringill Capital. The combined business will operate as Eagle Automation, with panels fabricated by TECP. Statesman served as the exclusive financial advisor to TECP throughout the transaction, which closed August 7, 2019.
Established in 1991, and with offices in Fort Worth, TX and Odessa, TX, TECP has built a solid reputation based on a tradition of exceptional customer service, with robust control panel fabrication capabilities, combined with assembly and configuration of automation packages and product distribution. TECP’s assembly packages and modular panel designs create consistency and save time and money for its customers. Since inception, TECP has grown to be a trusted partner to several of the nation’s most recognizable and well operated O&G producers and midstream companies.
The combined companies will have the industry’s leading operational footprint offering automation and measurement solutions, products, services and certified panel assembly supporting customers in the major US oil and gas basins. In addition, the acquisition extends Eagle’s sophisticated supply chain management capabilities across TECP’s operational footprint, providing this value-added solution offering to existing TECP customers. The combined Eagle also benefits from increased capabilities in automation and measurement architecture design and engineering services, through full facility installation, commissioning and maintenance over the full life-cycle of wells and facilities.
“The Statesman team was great to work with and supported us throughout the entire process, which was more involved than I ever imagined. I am pleased to have completed the transaction and confident that TECP, its customers, employees, and vendors will all benefit from our combination with Eagle Automation and the additional products, services, geographic reach, and resources they can offer. I look forward to the combined companies’ continued growth.” – Russell Abendroth, President TECP
More information about the transaction can be found here.
About the transaction participants
Statesman Corporate Finance, LLC is the FINRA-licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement was led by Principal Will Jaco and Managing Director Jim Briggs, with the support of Vice President Jessica Seff, and Associate Philip Rodriguez.
Eagle Automation is an automation and measurement solutions provider. The Company operates from nine locations stretching from Texas to Wyoming, addressing automation, instrumentation and control needs.
Featheringill Capital is an operator-led family office investment firm, that specializes in making controlling or minority investments in business and industrial service, technology and healthcare companies.
The Blum Firm, P.C. law firm (Fort Worth, TX) led by Partner Len Woodard, J.D., C.P.A. provided legal counsel to TECP.
Bradley law firm (Birmingham, AL) led by Partner Stuart M. Maxey, and Associate Nino C.C. Yu Tiamco provided legal counsel to Eagle Automation.