Category: Company News

Turning Basin Capital portfolio company, Basin Energy Group, adds Katko LTD. to its family of energy services companies

Posted on November 9, 2017 | Filed under: Company News

RICHMOND, Va. November 6, 2017 – Turning Basin Capital (“TBC”) announced today that its portfolio company, Basin Energy Group (“Basin”), has completed a merger with Katko, LTD. (“Katko”).

Katko joins current Basin operating companies, ProActive Services, Appalachian Production Services and Starett Energy Services, to provide complementary production and midstream services for the natural gas and oil industry in the Ohio, West Virginia and Pennsylvania.

Headquartered in Carmichaels, Penn., Katko has been an industry-leading production and midstream services firm for more than 22 years by specializing in well hook-up services, maintenance of midstream and production assets and specialty welding services in Ohio, Pennsylvania and West Virginia. Its customers include natural gas and oil producers as well as midstream operators in the Appalachian region. With the addition of Katko, Basin has grown to more than 300 employees operating in five offices covering seven states.

Joining the Basin board of directors is the owner and founder of Katko, John Bettem, who brings a lifetime of experience in the region as an entrepreneur and service provider..

 “We are excited to add John to the Basin board of directors as we look to build Basin into the premier production services firm in the region,” said Bill Johnson, president and CEO of Basin.

Bettem added, “I believe TBC through its portfolio company Basin Energy Group is the best partner for Katko to achieve its objectives.  This merger allows Katko and its employees to be part of one of the region’s most comprehensive service firms with the capability to cover any producer or midstream operator focused on the Marcellus/Utica Basin.”

Basin is devoted to servicing natural gas and oil producers by assisting in the production and transportation of natural gas and associated liquids with a focus on operations in Ohio, Pennsylvania and West Virginia. It continually seeks to expand its service offering, geographic presence and customer base through organic growth as well as through strategic acquisitions.

“We are bullish on natural gas, the Appalachian region and infrastructure services and believe the combination of Katko and Basin Energy Group adds to our capabilities to take advantage of improving market trends,” said Tom Willingham, managing director at TBC.

The transaction closed on Nov. 3, 2017. Terms were not disclosed.

Turning Basin Capital Adds Appalachian Production Services to its Family of Energy Service Companies

Posted on January 4, 2017 | Filed under: Company News

RICHMOND, Va. January 4, 2017 – Turning Basin Capital (“TBC”) announced today that its portfolio company, Basin Energy Group (“Basin”), has completed a merger with Appalachian Production Services, Inc. (“APS”).  APS joins current Basin operating companies, ProActive Services and Starett Energy Services, to provide complementary production and midstream services for the natural gas and oil industry in the Appalachian Basin.

Headquartered in Abingdon, Va., APS has been an industry-leading production and midstream services firm for more than 22 years by specializing in well tending, production enhancement, compressor station operations and roustabout services in Virginia, Kentucky, West Virginia, Pennsylvania, New York, Tennessee and Ohio.  Its customers include natural gas and oil producers as well as midstream operators in the Appalachian region.  With the addition of APS, Basin now has more than 170 employees operating out of seven offices covering seven states.

Joining the Basin management team is Frank Henderson, the owner and founder of APS.  Henderson brings a lifetime of experience in the region as a service provider as well as an operator.  He will remain the President of APS and also assume the role of Senior Vice President of Basin and sit on its board of directors.

Bill Johnson, president and CEO of Basin, said, “We are excited to add Frank to the Basin board of directors and leadership team as we look to build on his experience and excellent reputation in the industry and the region to help Basin reach its greatest potential.”

On partnering with TBC and Basin, Henderson said, “We believe TBC and its commitment to the Appalachian Basin through its portfolio company Basin Energy Group is the best partner for APS to achieve its objectives.  This merger allows us to become one of the region’s most comprehensive service firms with the capability to cover any producer or midstream operator focused on the Marcellus/Utica Basin.”

Basin is devoted to servicing natural gas and oil producers by assisting in the production and transportation of natural gas and associated liquids with a focus on operations in Ohio, Pennsylvania and West Virginia.  Basin continually seeks to expand its service offering, geographic presence and customer base through organic growth as well as through strategic acquisitions.  Tom Willingham, managing director at TBC, said, “We are bullish on natural gas, the Appalachian region and infrastructure services and believe the combination with APS adds to Basin Energy Group’s ability to take advantage of improving market trends.”

The transaction closed on December 30, 2016 and was facilitated by Global Growth Partners of Charlotte, N.C., which was the advisor to APS.  Terms were not disclosed.

To learn more about Basin Energy and APS, visit www.basinenergygroup.com and www.aps-energy.com.

Turning Basin Capital Completes Acquisition of BBB Tank Services

Posted on May 5, 2016 | Filed under: Company News

RICHMOND, Va., April 13, 2016 – Turning Basin Capital (“TBC”) announced today that it has completed the acquisition of BBB Tank Services (“BBB”), a provider of maintenance and repair services to the above-ground storage tank (“AST”) market.  This acquisition marks TBC’s first acquisition in the vibrant downstream energy infrastructure services sector.

Headquartered in Baytown, Texas, BBB’s AST services and products include routine and emergency maintenance and repairs, replacement seals for floating roofs, application of protective coatings and new tank construction.  Its customers include owners of storage terminals that hold crude, refined petroleum products, chemicals and other commodities.  Through its 15-year history, BBB has established an excellent reputation for quality, rapid response-times and high safety standards.

TBC is partnering with BBB’s existing management team, including owners, Robert Swain, Gary Thompson and Roy Dennis, who have more than 100 years combined experience in the AST services market.  As part of the transaction, Jacob Swain will transition into the role of President and lead BBB’s continuing growth strategy.

“We believe that TBC, with its focus on the energy sector and experience with companies of our size, is the best partner to help us achieve our objectives,” Jacob Swain said.  “I look forward to working with TBC as we shape and pursue our strategic plan.”

Tom Willingham, Managing Director at TBC, said, “We are excited to partner with Jacob and the owners of BBB, as we look to build on their experience and excellent reputation in the industry to help BBB reach its growth potential.”

BBB will be a platform investment for TBC, which will seek to expand BBB’s downstream infrastructure service offering, geographic presence and customer base through organic means as well as through additional acquisitions.

“The downstream infrastructure services sector represents an increasingly attractive market as the role of the U.S. in the global energy market continues to evolve,” said Mark Murray, managing director of TBC.  “We believe there is a tremendous opportunity to build a significant business focused on providing a broad range of recurring revenue services to refiners and downstream facility operators.”

The transaction closed on April 8, 2016. Main Street Capital Corporation (NYSE:MAIN) provided a first-lien, senior secured term loan and an equity co-investment to help facilitate the acquisition of BBB.  Terms of the agreement were not disclosed.

To learn more about BBB, visit www.bbbtankservices.com

Turning Basin Capital Adds Complementary Midstream Service Company to Portfolio

Posted on September 14, 2015 | Filed under: Company News

Starett’s Well Service Joins Existing Portfolio Company, ProActive Services, to Offer Additional Midstream Services
RICHMOND, Virginia — September 3, 2015 — Turning Basin Capital (“TBC”) today announces the acquisition of Starett’s Well Service (“SWS”) by its portfolio company Basin Energy Group. Basin Energy was formed by TBC as a holding company focused on acquiring energy-service companies in the Marcellus and Utica shale region. Starett’s is the second acquisition by Basin Energy, joining ProActive Services, which was acquired in June 2014.

SWS is a specialty roustabout services firm focused on well site and midstream natural gas infrastructure. Its service offering complements the midstream maintenance services offered by ProActive while expanding Basin Energy’s customer base.

Starett’s Well Services was founded by Joe Starett and has been operating in Jane Lew, W.Va. since 2002. Starett will continue to lead the day-to-day operations of the company and focus on new business development.

“Starett’s has more than 25 years of experience in the natural gas industry,” said Bill Johnson, CEO of Basin Energy. “Its experience in various roustabout services, from the well head to the midstream, as well as its excellent reputation for providing great service to this industry, are characteristics that we at Basin Energy took notice of. It is a great fit for us.”

“Joining the Basin Energy team allows me the chance to pursue longer-term initiatives such as expanding our services in order to help the business continue to grow,” Starett said. “I am now able to focus on those elements of running a business that I truly enjoy and will have the full support of a great partner like Basin Energy.”

Basin Energy is focused on providing services and solutions to the midstream segment of the natural gas industry through a collection of best-in-class services firms. With more than 100 employees, Basin Energy is able to address a variety of operations, maintenance and labor needs of midstream operators.

The acquisition closed on September 1, 2015. Terms of the acquisition were not disclosed.

Please see the article in Pipeline & Gas Journal

Turning Basin Affiliate Ewing Bemiss & Co. Completes Strategic Transaction with KPMG

Posted on August 20, 2015 | Filed under: Company News

KPMG CORPORATE FINANCE LLC ADDS ENERGY PRACTICE FROM Investment bank Ewing Bemiss & Co.

 

KPMG Corporate Finance LLC Gains Solid Foothold within Energy M&A Sector

NEW YORK and RICHMOND, VA, August 15, 2015 – KPMG LLP’s  wholly owned subsidiary, KPMG Corporate Finance LLC  has  added a team of professionals from Ewing Bemiss & Company, a middle market boutique investment bank that provides transaction advisory services to companies in the energy, power and utilities sectors. The Ewing team has completed transactions in a variety of industries, with significant emphasis on the Energy & Power and Energy & Industrial Services industries. The addition of their professionals provides KPMG Corporate Finance with an established and meaningful presence within the Energy M&A sector.

Click to read Richmond Times Dispatch article

Turning Basin Capital Acquires Pipeline Service Company ProActive Services

Posted on July 2, 2014 | Filed under: Company News

Read the article from the Richmond Times Dispatch

RICHMOND, Va., July 1, 2014 – Turning Basin Capital, L.L.C. (“TBC”) today announces that is has completed the acquisition of ProActive Services, an energy services company with a focus on the maintenance and operation of midstream oil and gas assets in the Appalachian Basin. The transaction marks the first acquisition since the founding of TBC in April 2013.

Headquartered in Salem, W.Va., ProActive provides trained, experienced personnel to operate and maintain pipeline infrastructure on behalf of oil and gas companies. Key offerings include management of natural gas compression stations, diagnostics and maintenance of gathering lines, pipeline inspections and permitting and water hauling and transportation.

“TBC brings capital and resources that will allow ProActive Services to pursue promising growth opportunities,” said Terry Wyckoff, founder and former President/CEO of ProActive Services. “Due to the dedication of our employees and customers, the company has experienced strong growth over the past three years. That growth makes it a natural time to look at this type of transition.”

As part of the transaction, TBC has named Bill Johnson as CEO. Johnson has more than 28 years of experience in the engineering, construction and infrastructure services industries, including extensive experience in running field services businesses.

“I’m extremely excited about working with the team at ProActive,” Johnson said. “Terry Wyckoff has built a great company with dedicated employees, and that is a wonderful recipe for success. I’m looking forward to working with our team and our customers to continue building the company. With a great partner like TBC backing us, a great culture and history and a dynamic and growing need for our services in the shale gas markets, I see a bright future for the business.”

ProActive will be a platform investment for TBC, which will seek to grow the company through internal means as well as through additional acquisitions. Mark Murray, managing director at TBC, said, “We believe there is a tremendous opportunity to build a significant energy services business with broad capabilities to support both the growth in oil and gas production and midstream infrastructure in the Marcellus and Utica shale regions.”

The transaction closed on June 12, 2014. Terms of the agreement were not disclosed.

To learn more about ProActive Services, visit www.ProActiveserviceswv.com

About Turning Basin Capital
Turning Basin Capital (“TBC”) is a private equity firm with a unique focus on energy-related companies found in the lower-middle market. Many of these lower-middle market companies are presented with growth opportunities that are being driven by macroeconomic factors such as North American energy independence, global warming concerns, resource scarcity, emergence of technologies and regulatory changes. TBC is a potential source of capital for these companies that are frequently overlooked by the larger private equity funds merely due to their size. TBC focuses exclusively on the lower middle market and targets companies with adjusted earnings below $5 million and enterprise values less than $20 million. For more information, visit www.turningbasin.com.

Richmond firm starts private equity fund to invest in energy sector

Posted on June 26, 2013 | Filed under: Company News

Read the article from the Richmond Times Dispatch

April 2013 Turning Basin Newsletter

Posted on May 1, 2013 | Filed under: Company News

The April Turning Basin newsletter is available.

  • Cleantech – What Happened? And Lessons Learned.
  • Turning Basin Capital Formed to Take Advantage of Macro Energy Trends Impacting Lower Middle Market Companies
  • Power & Gas Prices
  • Public Comparables

(more…)

Ewing Bemiss & Co. Announces the Formation of Turning Basin Capital

Posted on April 22, 2013 | Filed under: Company News

Ewing Bemiss & Co., a leading middle-market investment bank focused on the energy and power sector, announces the formation of its private equity affiliate, Turning Basin Capital, and the addition of Mark Murray, a seasoned private equity executive, to lead its principal investing activities.

About Turning Basin Capital

Turning Basin Capital is focused on making equity investments in lower-middle market companies that generally fall below the criteria of traditional middle-market private equity firms.  The firm targets companies in a wide range of energy related sectors including companies providing services and/or products to the power generation and transmission, oil and gas production and transportation and resource efficiency markets.  Turning Basin Capital seeks to provide equity financing to fund growth initiatives and to facilitate ownership transition in privately-held businesses.

For more than 15 years, Ewing Bemiss & Co. has provided expert merger & acquisition and capital formation advice to a myriad of energy related companies including developers of renewable and distributed energy projects in the United States and abroad and manufacturers and service providers focused on the oil and gas industry.  Through this experience, the principals of Ewing Bemiss have identified a niche opportunity to deploy private capital to the underserved lower middle-market in the energy sector.

Macro themes affecting the energy market, such as energy independence, global warming concerns, resource scarcity, innovative technologies and an evolving regulatory environment drive change and create market opportunity for forward-thinking, entrepreneurial organizations.  Turning Basin Capital believes that there exists a large universe of privately-owned businesses that are well-positioned to benefit from attractive trends that are affecting the energy sector, but only have limited access to institutional growth capital.  Energy-related businesses in the lower-middle market often are overlooked by larger private equity funds and do not typically fit the investment thesis of clean-tech focused venture capital funds.

“Turning Basin Capital is looking to fill that void in the lower-middle market by investing in smaller closely held companies that are responding to the macro drivers by supplying goods and services to larger energy players,” said Tom Willingham, Managing Director of Ewing Bemiss.

Introducing Mark Murray

To lead the efforts of Turning Basin Capital, Ewing Bemiss has added Mark Murray.  Mark joins Turning Basin Capital after 11 years at Dominion Resources, where he was responsible for strategic venture investments and business development for the alternative energy group.  Prior to that role, Mark held a variety of roles in the law department, which included providing strategic advice and business development for Dominion’s natural gas transmission and storage business. He also managed the assets of the former Dominion Capital.  Earlier in his career, Mark, an attorney and CPA, practiced corporate law for Troutman Sanders and accounting for Arthur Andersen.

“Mark’s experience in alternative energy investing, energy-related mergers and acquisitions, and regulatory affairs complements the strong team already in place at Ewing Bemiss,” said Henry Berling, Managing Director of Ewing Bemiss.

For more information about Turning Basin Capital, please visit www.turningbasin.com.

Ewing Bemiss & Co. adds Mark Murray to Lead Private Equity Group

Posted on February 15, 2013 | Filed under: Company News

Richmond, VA – Ewing Bemiss & Co. announced today that Mark Murray has joined the firm to lead Turning Basin Capital Partners, its affiliated private equity group focused on investments in the energy sector.

We are pleased to have Mark join Ewing Bemiss. He brings an impressive background that supports the firm’s private equity group and its energy related growth strategy, said Hugh Ewing, Ewing Bemiss founder. Mark’s experience in alternative energy investing, energy related mergers and acquisitions, and regulatory affairs will complement the strong team in place at Ewing Bemiss.

Murray joins Ewing Bemiss after eleven years at Dominion Resources where he was responsible for strategic venture investments and business development for the alternative energy solutions group. Prior to that, Murray held a variety of roles in the law department, which included support and strategic advice for Dominion’s natural gas transmission and storage business as well as Dominion Capital. Earlier in his career, he practiced corporate law for Troutman Sanders and accounting for Arthur Andersen.

“It is a fantastic opportunity to join the team at Ewing Bemiss – and continue to work in the industry that I enjoy,” said Murray. “Ewing Bemiss is the foremost energy focused investment bank in the region with a commitment to expand its private equity investment activities. I look forward to working with a talented group of people to enhance a successful investment platform offering growth and buyout capital to companies in the energy sector.”

Murray earned an undergraduate degree in accounting from the University of Georgia, as well as a law degree from the University of Richmond. He is an attorney and CPA.

Ewing Bemiss & Co., based in Richmond, Virginia is the leading alternative energy-focused investment banking firm in the Southeast. The firm is a valued advisor to leading developers of biomass, solar, wind, hydroelectric, geothermal, waste-to-energy and energy efficiency projects in the U.S. and abroad. The firm’s New York office, is one of the most active advisors to solar developers and projects in the U.S. and Europe. For more information about Ewing Bemiss & Co., please visit ewingbemiss.com.

Turning Basin Capital is focused on providing growth or buyout capital to those companies devoted to the energy sector. The private equity group looks to invest in companies with demonstrated track records, solid management teams and a history of positive earnings performance. Over the last decade, the joint team has invested in 11 companies with successful exists in 7 of those. For more information about Turing Basin Capital, please visit turningbasin.com.