Posted: Jun 12, 2013 4:00 PM
One of Lafayette's largest privately owned businesses has filed to become a publicly traded company.
Frank's International N.V., better known locally as Frank's Casing Crew, has filed its paperwork with the Securities and Exchange Commission to offer stock to the public.
"We are restricted in what we can say because of Security and Exchange Commission rules, but the answer is yes, we have filed," said Paul Medus, spokesman for Frank's Casing.
What can be learned from the public filing, however, is that the company plans to offer up to $500 million in stock in its initial public offering. Of the cash raised, $464 million will go toward debt, with any other funds in the IPO being used for future expansion.
According to the S-1 form submitted for the IPO, the Mosing family will retain overall control of the company trough a holding company, along with shares of common stock. The company is not asking for an accelerated filing, which means the earliest it could possibly move forward is in July.
Frank's International traces its roots to the founding of Frank's Casing Crew by Frank Mosing in 1938. In 1950, Donald E. Mosing joined his father in the business. Later, Donald Mosing's younger brothers, Billy and Larry, joined their father and brother to help manage the growing operations. As an engineering and safety innovator, Donald Mosing was a driving force for many years in the development of many proprietary tools and processes, named as an inventor on more than 46 of the U.S. patents that have been issued to the company.
In 1973, Donald Keith Mosing, Donald E. Mosing's eldest son, established an in Alvin, Texas. Keith Mosing quickly embarked on the expansion of operations across North America and into South America, Asia, Europe, Africa and the Middle East. The international operations were formally organized into a separate company in 1981, with Keith Mosing being named chairman, president and chief executive officer.
Since the early 1980s, the company's U.S. and international operations have continued to grow, both organically and through strategic acquisitions. Upon Donald E. Mosing's retirement in July, 2011, Keith Mosing was named chairman, president and chief executive officer of the U.S. operations.