Houston oilfield equipment manufacturer files for an IPO

AFG Holdings Inc, the parent company of Ameriforge, has filed for an Initial Public Offering (IPO). AFG has its headquarters in the Memorial City area of West Houston.

Ameriforge manufactures highly-engineered equipment for the oil and gas market and industrial markets such as pressure pumping equipment, offshore drilling systems and connectors.

The company was formed in 1996 and in 2012 was acquired by First Reserve, a private equity firm. The company expanded rapidly, growing to 25 locations (including many internationally) but became over-stretched after the energy services downtown. In April 2017 the company entered into pre-packaged bankruptcy proceedings that converted $739 million of senior debt into equity in the new company.  As a result the company received new equity sponsors led by The Carlyle Group.

For 2017, the company had proforma revenues of $441 million and adjusted EBITDA of $46 million.

Since June 2015, the CEO of the company has been Curtis Samford. He joined the company in 2012. The CFO is Lawrence Blackburn who joined in December 2017. He was formerly the CFO at Goodman Global.

No pricing details were disclosed. The company said it would be raising up to $100 million and would be using most of the money raised to pay off the outstanding term loan ($71 million at December 2017).

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