Posted on March 5, 2018 | Filed under: News
RICHMOND, Va, February 14, 2018 – Turning Basin Capital (“TBC”) announced today that it has completed an investment in Pinnacle Manufacturing, LLC, based in Boaz, Ala.. TBC, along with its co-investor, Vigeo Investments, a private family office based in Denver, are partnering with Pinnacle’s management team to facilitate strategic growth plans.
Pinnacle manufactures and refurbishes tanks and containers used for the storage, transportation and disposal of hazardous and non-hazardous solids and liquids. Pinnacle represents TBC’s sixth overall investment and the first in the manufactured products market targeting the energy, environmental and industrial sectors.
Pinnacle’s tanks and containers are used in a wide range of applications, including industrial cleaning, environmental remediation, infrastructure construction, waste water treatment and disposal, and upstream oil and gas development. Its customers include equipment rental companies, environmental service firms, waste haulers and oilfield services companies with activities in the continental U.S.
Pinnacle’s founders, Jason and Joby Satterfield, remain significant owners and will continue to manage the company to the high standards its customers have come to expect. During their 12-year history as owners of Pinnacle, the Satterfields have established an excellent reputation in the industry while building one of the leading manufacturers of environmental tanks and containers in the nation.
“We believe that TBC, with its focus on the energy and industrial sectors and experience with companies of our size, is the best partner to assist us in achieving our growth objectives,” Jason Satterfield said. Joby Satterfield added, “I look forward to working with TBC as we shape and pursue our strategic expansion plans.”
Tom Willingham, managing director at TBC, said, “We are excited to partner with Jason and Joby as we look to build on their experience and excellent reputation in the industry to help Pinnacle reach its potential.”
Added Mark Murray, managing director of TBC: “The market for Pinnacle’s products is poised for attractive growth as the domestic energy and industrial sectors continue to thrive and as greater attention and care is applied to the storage and disposal of materials that are considered harmful to the environment.”
The transaction closed on February 14, 2018. Regions Bank provided senior debt financing to help facilitate the acquisition of Pinnacle. Terms of the transaction were not disclosed.
To learn more about Pinnacle, visit www.pinnaclemfg.net.