The founding family that controls the Frank’s International oil-field services firm is reducing its ownership stake.
The company, which operates out of Houston, was founded by Frank Mosing in 1938 in Louisiana and went public in 2013. But the Mosing family retained about 85 percent of the company after it began trading on Wall Street.
The company revealed Thursday that Mosing family members sold 5.6 million shares to Morgan Stanley, reducing their controlling ownership down to about 75 percent. Morgan Stanley intends to sell much of the stock to third parties.
The company went public in 2013 under the leadership of then-chairman and CEO Keith Mosing, Frank’s grandson, and has steadily become less family oriented since then. The oil bust created financial woes and Keith Mosing stepped down from the CEO role in the beginning of 2015. One year later, he retired from the chairman position. However, he and two other family members remain on the board.
During the oil bust, Frank’s International shrunk from about 4,500 employees down to 3,000 people.