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Laney Directional Drilling Sold to Maxim Partners, Falcon Investment Advisors

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Independent horizontal directional drilling company Laney Directional Drilling Co. announced Aug. 11 it has been acquired by an affiliate of Maxim Partners LLC and Falcon Investment Advisors LLC.

“Laney is pleased to announce this acquisition, which represents a great opportunity for both our employees and the company to continue driving growth and offer best in class service to our customers,” Laney CEO Kevin Fox said. “We look forward to partnering with Maxim and Falcon to significantly increase our portfolio of HDD capabilities as well as extend the company’s geographic reach.”

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Founded in 1989, Laney provides integrated engineering, design and construction services. For more than 25 years, the company has specialized in providing HDD services that address the most complex crossing needs of customers in the global energy, telecommunications and infrastructure markets.

“Maxim and Falcon are excited to partner with existing management to support the company’s strategic vision of becoming North America’s preferred supplier of HDD services for energy infrastructure,” said Ryan Franco, a managing partner at Maxim. “In addition to providing financial sponsorship, we are placing accomplished pipeline industry veterans onto Laney’s board including Rick Turner, an energy industry partner for Maxim, Ron Page and David Lytle. These individuals have achieved marked success through their associations with Energy Transfer Entities, Red Cedar Gathering, PVR Partners, El Paso Corp., Boardwalk Pipeline Partners, Saddle Butte Pipeline and Koch Industries, and will supply strategic counsel to the company as it enters its next phase of corporate development.”

Laney was acquired through a new energy-related partnership between Maxim and Falcon, Franco said, adding that the acquisition “demonstrates our unique ability to provide turn-key subordinated debt, preferred equity and common equity required to close a substantial change-of-control transaction.”

Laney was previously owned by a private equity consortium comprised of Chart Capital Partners, Prudential Capital Partners, Quilvest USA and Basic Materials and Services LLC.

“We are very proud of the accomplishments of Laney’s management team and employees,” said David Collier, managing director at Chart Capital. “Our group acquired a well-run family business and worked closely with a great management team to transform the company into a world-class HDD firm. We are pleased to deliver a company that is stronger in every way. The partnership with Maxim and Falcon will provide for Laney’s continued growth and success.”

Chart and its co-investors will maintain a minority ownership position alongside Maxim and Falcon.

Stifel served as exclusive financial advisor and Moore & Van Allen PLLC served as legal counsel to Laney. Andrews Kurth LLP and Latham & Watkins LLP served as legal advisors to Maxim and Falcon, respectively.

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