C&C Technologies (C&C) was the world’s largest privately owned Global Oil Sub-Sea Survey Services Company. Headquartered in Lafayette, LA, C&C serviced drilling operations across the globe, both on land and offshore.
However, C&C’s expansion strained its infrastructure and working capital. Further growth in an asset-heavy environment, with complex projects located in increasingly remote locations, would require increased support.
C&C engaged GGG to assess their business model and financial operations, with an eye toward restructuring and continued growth in the global market.
With GGG’s support, the company developed a series of options regarding the future of its business. The company commenced a parallel restructuring effort while considering an offer to sell to another firm with more access to capital.
GGG’s team worked directly with the CEO/owner in the restructuring effort, including day-to-day interactions with the COO, CFO and business units. GGG was a key member of the team overseeing the sale of the business and helped select, engage and manage investment bankers, attorneys and accountants. The GGG team also supported the on-going restructuring efforts in case the sale did not go through.
In 2015, the company was successfully sold to Oceaneering International (NYSE: Oll) a publicly-traded oil services firm in Houston, TX. From the moment they were brought on until the sale of the business, GGG helped lead the effort towards streamlined operations and continued growth.
C&C was successfully sold in April 2015 at a significant multiple to earnings and book value. Over 500 employee positions were transferred, and a subsidiary of C&C’s parent company was successfully spun off to the owner.