Rainmakers #2 Rainwater's Solo Act
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Jan 24, 2024 Discover how Richard Rainwater established his investment firm Rainwater Inc using capital, connections, and culture. Learn about his strategic acquisition of Penrod and his involvement in the healthcare industry. Explore Rainwater's deal-making approach, including his open office policy and creative ways to bear less risk.
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Blocker Energy Deal
- Rainwater's first deal involved Blocker Energy, an oil company nearing bankruptcy.
- He bought their debt for $12 million, gaining a majority stake.
ENSCO's Formation
- Rainwater initially saw Blocker Energy as a financial play, using operating losses for tax benefits.
- An explosion on a rig changed his plans, leading to the company's restructuring as ENSCO.
Girhard Industries Acquisition
- Rainwater tried buying out Girhard Industries when they filed for bankruptcy in 1988.
- Halliburton acquired Girhard, but ENSCO profited $11 million from the deal.