Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, today announces the sale of Production Control Services (PCS), a leading developer, manufacturer and provider of artificial lift products and services for the oil and gas industry, to Dover Corporation (Dover; NYSE:DOV). Harris Williams & Co. acted as the exclusive advisor to PCS. The transaction closed on April 25, 2012 and was led by Drew Spitzer, Tiff Armstrong, Matt White and Chris Burnham from the firm’s Energy & Power (E&P) Group.
“Production Control Services has built a strong reputation over 25 years through product innovation, operational excellence and superior customer service. We are proud to have represented PCS and Devonshire in this transaction,” said Drew Spitzer, a managing director and co-head of Harris Williams & Co.’s E&P Group. “The company’s expertise and established market position expand Dover’s product and systems capabilities in the artificial lift industry and will enable Dover to better serve its customers.” PCS previously had been a portfolio company of the private equity firm Devonshire Investors since 2004.
Founded by Jeff Giacomino and Bruce Victor in 1985, PCS’s sole focus since its inception has been well optimization. Today, it is a leading developer, manufacturer and provider of artificial lift products and services for the oil and gas industry. PCS offers an integrated and comprehensive artificial lift product line, including plunger lift, gas lift, nitrogen generation and automation products and services which increase the efficiency, longevity, and profitability of oil and natural gas wells. The company, headquartered in Frederick, CO and operating from 29 locations throughout the U.S. and Canada, is recognized for industry leading products, strong customer focus, in-house manufacturing capability and a record of continuous product innovation.
Dover is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services that reflect the company’s commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing and Identification. Dover is headquartered in Downers Grove, IL and employs nearly 35,000 people worldwide.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
The firm’s E&P Group has experience across a broad range of sectors, including oil and gas equipment and services, energy efficiency and clean tech, industrial and infrastructure services, power products and technology, engineering and construction, and environmental services. For more information on our energy and power experience, please contact Drew Spitzer or Tiff Armstrong at +1 (804) 648-0072.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.