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TRANSACT IONS

Take your advice from Mark Zweig to-go.

GATE ENERGY ACQUIRES PDI SOLUTIONS Houston- based GATE Energy (Hot Firm #35 for 2017) announced the acquisition of PDI Solutions, LLC headquartered in Schriever, Louisiana. PDI Solutions is a leading provider of a wide array of services in the operations, maintenance, and inspections arena with focus in both the upstream and midstreammarkets. PDI Solutions will serve as a platform for GATE Energy in these markets to better serve their existing clients and partners, gain new clients, diversify into other sectors, and increase their exposure and integration through the energy value chain. Formed in 2011, PDI started out serving the maintenance side of the oil and gas industry. Today, PDI is a recognized leader in the supply of instrumentation and electrical, production, glycol and process, cathodic protection and integrity management, inspection and QA/ QC service personnel worldwide. PDI comes with an impeccable safety record, high client satisfaction and strong loyalty with clients and staff.

PDI will operate within the GATE Energy portfolio and collaborate with other GATE Energy companies to provide streamlined service to their clients. GATE Energy will retain all management staff following the acquisition. Founder Lee Iver will continue as president of PDI Solutions. Grant Gibson, GATE Energy’s founder and CEO, said, “PDI is a perfect fit for GATE that nicely aligns with our focus on growth in the down-market in operations and maintenance and the changing dynamics of how our clients execute projects. The strategic acquisition of PDI allows GATE Energy to capture greater wallet share of our clients OPEX and CAPEX. With significant cross-company synergies and growth opportunities, we believe that there is a multi-year opportunity for PDI to achieve double digit growth. PDI’s strong recurring revenues driven by regulatory requirements, strong free cash flow generation and industry- leading organic growth since inception align well with our plan for long-term profitable growth.”

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1200 North College Ave. Fayetteville, AR 72703 Mark Zweig | Publisher mzweig@zweiggroup.com Richard Massey | Managing Editor rmassey@zweiggroup.com Christina Zweig | Contributing Editor christinaz@zweiggroup.com Sara Parkman | Editor and Designer sparkman@zweiggroup.com Liisa Andreassen | Correspondent landreassen@zweiggroup.com

MARK ZWEIG, from page 1

marketing budget. Show me a stagnant revenue growth history and I’m telling you – every time – the problem is that the company has stopped spending – or at least stopped increasing its spending – on marketing. You may be able to grow without in- creasing marketing spending when you are in a hot market. You certainly won’t in a flat market. 4)Good people want to exercise some discretion over what they do. No one who is motivated and talented wants to be an order-taker. The best people – whether they are sign painters or skilled architects or financial managers – all want to have some say over how and what they do. The more of that you take away, the less motivated (and happy) they are going to be. 5)You have to pay your best people well. Sure – I have seen all the studies that say “pay is the ninth thing” (or whatever the number is), on a list of motivators. But the fact is this: If you don’t pay people well, someone else will. That fact will cost you some good people. And while yes, the condition of the company financially does dictate much of what you can ultimately do for your people, at some point they won’t care and will just want more. Ignore me at your peril! 6)When you get rid of a dud or troublemaker a new one will emerge. I don’t know what this says about human behavior – it can’t be good – but my experience is that this happens every single time. People seem like they NEED someone to complain about or blame their woes on. It is a sad commentary on the human condition, but watch what happens when you get rid of the low performer or someone who is out of synch with your culture. In a few weeks, everyone will start talking about someone else! I’m sure I have learned more than these six things in recent months but I’m out of space here. Have a great week, everybody! MARK ZWEIG is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com.

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THE ZWEIG LETTER September 11, 2017, ISSUE 1215

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