On September 19, 2017 we acquired 100% of the membership interests of MG Cleaners LLC, an oilfield services company headquartered in Houston, Texas, founded in 2005.
Headquartered in Houston, Texas, with offices in Carthage (East Texas) and Midland (West Texas), MG Cleaners LLC (“MG”) is an oilfield services company that operates throughout Texas. MG’s focus is selling proprietary branded products including soaps, surfactants and degreasers, such as Miracle Blue™, to oilfield drilling rig contractors and oilfield companies. In addition to MG’s proprietary products, the company sells equipment and parts, and has service crews that perform repairs, maintenance and drilling rig wash services for customers such as Nabors Industries, Patterson-UTI, H&P, Cactus Drilling and others.
Acquisition strategy supported by:
- Established oilfield services company with proprietary branded products for soaps, surfactants and degreasers, including Miracle Blue™
- Market & Markets independent research firm expects surfactants market to be almost $40 billion by 2021
- Company management team with MG has over 50 years cumulative experience serving oilfield
- 2016 audited financials include revenues of $1.6 million and $178 thousand net income
- 2017 six months unaudited revenues of $1.18 million, up 68% from the six month period ending June 2016, and $70 thousand in net income
- Significant growth potential from West Texas Permian Basin expansion
- Broad customer base including industry leaders, and
- Additional acquisitions sought.