Fort Point Capital has been an outstanding partner for WolfePak. They invested behind the creation of a sales and marketing engine to drive organic growth, the introduction of new product modules and the build-out of our management team, enabling accelerated growth and scalability of the business. They also provided excellent M&A support, enabling us to complete three strategic acquisitions. I am thankful for their partnership in our effort to provide a best in class suite of software to the oil and gas industry.

- Brent Rhymes,
CEO, WolfePak

At-A-Glance

Company:
WolfePak
Location:
Abilene, TX
Sector:
Software
Date Acquired:
June 2016
Exit Date:
October 2019
Case Study | WolfePak

WolfePak

Situation

WolfePak is a leading provider of accounting and regulatory compliance software solutions to Oil and Gas producers and distributors. Fort Point was initially introduced to the Company in late 2014, during a sale process which the owner ultimately decided not to pursue. Fort Point maintained a relationship with the founder over the following 15 months and demonstrated FPC’s ability to be a value-added partner. When the founder was ready to sell, Fort Point was well-positioned as the preferred prospective buyer, precluding the need to initiate an auction process.

Our Role

Fort Point Capital completed the recapitalization in 2016, acquiring a majority stake in partnership with the founder and existing management team. We subsequently supported the business to professionalize the organization and infrastructure, expand the product suite, facilitate the migration toward a SaaS model, fund follow-on acquisitions, and build a formal sales & marketing strategy.

Senior Management Team

  • Helped to transition WolfePak from a founder-led organization to a professional management team, recruiting a new CEO, COO, CTO, and Sales Manager.

  • Recruited three outstanding independent directors with relevant industry and functional expertise.

Product Suite Development

  • Worked with management to develop a detailed product roadmap and implement product module expansion, including dashboard reporting and real-time information (including well information) through the release of WolfePak Analytics in 2017.

  • Executed three add-on acquisitions to expand software offering and customer base, adding high value-add applications such as WolfePak Pumper, WolfePak Mobile, LandPro, and DocVue.

Developed Formal Sales & Marketing Strategy

  • Worked with management to introduce sales process improvements and marketing initiatives including Salesforce.com, pipeline tracking, value-added reseller partnerships, as well as website and branding upgrades.

  • Identified an experienced marketing manager to implement strategy of leveraging partnerships with current first purchaser customers to generate pipeline prospects.

SaaS & Infrastructure

  • Migrated the company’s SaaS customers to the cloud, converting contracts from month-to-month to annual contracts with automatic renewal provisions.

  • Upgraded software security features and enabled automatic version updates and support.

Results

During Fort Point’s ownership, WolfePak completed three add-on acquisitions, introduced five new product modules, and developed a sales & marketing engine generating 20%+ organic growth per annum. In just over three years, WolfePak successfully doubled annual recurring software revenue as a result of solidifying the Company’s SaaS model. In October 2019, Fort Point Capital sold WolfePak to Charlesbank Technology Opportunities Fund, a managed fund of Charlesbank Capital Partners.