Lafayette Workboat Rentals - Recapitalization

THE TRANSACTION:

Lafayette Workboat Rentals, LLC has been recapitalized with a growth investment by Lime Rock Partners, a private equity firm with $1.6 billion in capital under management. Founders Investment Banking, LLC acted as the exclusive financial advisor to the Lafayette Workboat shareholders in the transaction.

THE COMPANY:

Based in Broussard, Louisiana, Lafayette Workboat is a charter boat provider that offers bareboat workboats and fully-crewed tugboats for the oil & gas and inland marine transportation markets.

THE SOLUTION:

Founded in 2006 by two experienced operators in the maritime industry, Lafayette Workboat has expanded rapidly by building its reputation as a trusted, responsive charter boat provider. With a dual focus on the oil & gas and inland marine transportation markets, the Company has experienced a strong surge in demand for its services, creating the need and desire to quickly and prudently expand its fleet with both new builds and used boat acquisitions. Recognizing the significant opportunity at hand, management engaged Founders to identify and secure funding with an investor who could both i) provide for the Company’s capital needs now and in the future, and ii) serve as a value-added, experienced partner to help Lafayette Workboat successfully navigate this next phase of its growth and development. Ultimately, Founders advised on a transaction with Lime Rock Partners that helped accomplish the management team’s key goals:

• secure equity capital to invest in the expansion and build-out of the Company’s charter boat fleet, thereby accelerating growth;
• realize significant liquidity and reduce ongoing personal risk;
• create additional working capital to help finance revenue growth;
• solidify the balance sheet to help the Company secure new senior debt that would improve overall financial flexibility and eliminate personal guarantees; and
• maintain significant ownership for the realization of future enterprise value.