Harvey & Company Advises Wellspring Capital Management On Privatization of OMNI Energy Services

Harvey & Company advised Wellspring Capital Management on the take-private of OMNI Energy Services. Below is the press release following the transaction:

OMNI Energy Services Agrees to be Acquired by Wellspring Capital Management for $2.75 Per Share in Cash

October 27, 2010

Carencro, LA – OMNI Energy Services Corp. (NASDAQ GM: OMNI), a leading provider of environmental services and seismic services to the domestic oil and gas industry, today announced that the proposed merger by an affiliate of Wellspring Capital Management LLC (“Wellspring”) to acquire all of OMNI’s outstanding shares for $2.75 per share in cash was approved by the shareholders. The total value of the transaction is approximately $122 million, including assumption of debt.

“We believe this transaction will deliver an immediate and significant premium for our shareholders especially in light of the uncertain markets after the unprecedented drop in our end markets in 2009 and the continued current uncertainty in the Gulf of Mexico,” Said Brian J. Recatto, President and Chief Executive Officer of OMNI. “Our strategic partnership with Wellspring is the culmination of a comprehensive process to address our balance sheet issues and will allow us to substantially improve our capital structure. Wellspring’s strategic and financial resources will provide us with the stability we need to be flexible and execute as the provider of choice for our customers.”

William F. Dawson, Jr., a Managing Partner of Wellspring, said, “We look forward to working with OMNI and providing them with the long-term capital base they need in order to pursue business opportunities, grow their capabilities and weather the volatility of their end markets.”

About Omni Energy Services Corp.
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico. OMNI provides its services through three business segments: Seismic Services (including drilling, survey and permitting services), Environmental and Other Services, and Equipment Leasing.

About Wellspring Capital Management
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $2 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.


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