Illustrator :: Enclosing And Surrounding Text In Bubble

I have been desperately searching for ways to precisely surround my text with a bubble stroke. I need this shape to strictly adhere to the text's form rather than loosely surround it. The resulting shape will need to enclose both the top and bottom text, which ultimately will form a logo. I just want to clarify, I am not looking to simply apply a stroke around the letters. Again, I am trying to outline the entirety of this image with a precise shrink wrapped bubble.
 
I realize this is possible with the pen tool; however, my hope is to discover a more accurate and simple technique.I have posted an image of my situation, which illustrates my initial attempt to pen around the text.