New Orleans, LA (PRWEB) March 9, 2006 — Legacy Capital announced today that its client Epic Divers & Marine (Epic) has sold its assets and business to TETRA Technologies, Inc. (TETRA, NYSE:TTI) for $50 million, in cash. Epic, which was founded in 1972, offers a full complement of commercial diving services and operates a fleet of marine vessels, including saturation dive units capable of supporting saturation diving up to 1,000 feet below sea level. Epic is headquartered in Harvey, Louisiana, and has an office in Houston, Texas.
Geoffrey M. Hertel, President & Chief Executive Officer of TETRA, stated, “A number of factors have created an unprecedented demand for diving services, around the world in general, and in the Gulf of Mexico (GOM) in particular. The combination of Epic and TETRA should allow us to grow Epic into a worldwide diving services company. Epic’s excellent management, quality equipment, dedicated professional employees, good reputation and enviable safety record were important to us in our evaluation of this acquisition. Epic has approximately 250 employees.
“In addition to offering a quality service to our external customers, the acquisition of Epic allows TETRA to more effectively control costs and ensures the availability of a critical service component necessary to perform well abandonment and decommissioning services as well as work for Maritech. Epic’s current budget reflects revenues slightly in excess of $60 million for 2006 (TETRA will only own Epic for about 83% of the year). We expect the acquisition to be immediately accretive to earnings. We believe the addition of Epic to the TETRA family of companies will strengthen both parties and enhance TETRA’s formidable well abandonment and decommissioning presence in the Gulf of Mexico,” concluded Hertel.
TETRA is an oil and gas services company, including an integrated calcium chloride and brominated products manufacturing operation that supplies feedstocks to energy markets, as well as other markets.
About Legacy Capital
Legacy Capital (www.legacycapital.com) offers unparalleled investment banking services to private companies, specializing in mergers and acquisitions and private placements. The firm’s experienced team of professionals is dedicated to providing comprehensive representation and advisory services across a broad range of industries. Legacy Capital creates solid relationships with its clients through personalized service and by delivering exceptional results. Legacy Capital was founded in 1994 and is based in New Orleans, Louisiana. For more information, please contact Managing Directors Marianne Van Meter or Chip Porter.