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STNL - Sentinel Energy Services


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The SPAC STNL acquired the energy infrastructure company Strike.




"Strike management will retain 75% of their existing ownership stake.... The business combination values Strike at a 5.4x 2019 projected adjusted EBITDA, implying a discount of approximately 32% to publicly traded peers.... The resulting strong balance sheet with net cash on hand and approximately $200 million of available liquidity will allow Strike to take advantage of several growth opportunities in the robust pipeline infrastructure services market and to provide working capital needs."


"Sentinel was formed in late 2017 for the purpose of entering into a business combination with one or more businesses, focused on the energy services and equipment sectors. Following its IPO in November 2017, Sentinel began its search for attractive assets that would benefit from Messrs. Gould’s and Shivram’s operating experience, industry connections and approach to business as well as CSL’s energy services industry focus and network of relationships. Mr. Gould had a 36-year career with Schlumberger Ltd, retiring as Chairman and Chief Executive Officer in 2012, after which he was Chairman of BG Group for four years until its sale to Shell. Mr. Shivram had a 25-year career with Schlumberger Ltd, with his last role as Vice President and Treasurer. In 2013, Mr. Shivram joined Weatherford International plc as the Chief Financial Officer and was then appointed Interim Chief Executive Officer in 2016 until his departure in 2017. Following the closing, the business will continue to be led by Strike’s current Chief Executive Officer and one of its founding partners, Steve Pate, together with his existing management team."


Bloomberg interview on the transaction:



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