Category: News

ShalePro Energy Services adds to leadership team

Posted on April 17, 2018 | Filed under: News

ShalePro Energy Services, a portfolio company of Turning Basin Capital, announced the appointment of Kevin Johnson as Chief Financial Officer effective April 16, 2018.  Kevin brings a wealth of corporate finance and oil and gas experience.  As CFO, Kevin will lead the company’s financial strategy and oversee all financial functions.

Prior to ShalePro, Kevin worked for Exxon Mobil Corporation, where he held various Treasury and Controllership roles and supported business activities across the Upstream, Midstream, and Gas & Power Marketing segments.  Kevin also pulls from prior experience in public accounting, investment banking, and private equity.  His broad financial background spans mergers and acquisitions, structured finance, budgeting, financial reporting, and tax strategy.

Kevin holds an MBA in Finance and Entrepreneurship from Northwestern’s Kellogg School of Management, a Master of Accounting degree from Virginia Commonwealth University, and a Bachelor of Science degree in Business from Longwood University.  He previously held licenses as a CPA and CFP®.

“We are excited to have Kevin join our team,” said ShalePro’s President and CEO, Bill Johnson.  “His diverse financial skillset and oil and gas background will complement our experienced leadership team as we continue to grow our business and maintain our reputation for excellence.”

About ShalePro Energy Services, LLC
ShalePro Energy Services, LLC (“ShalePro”), formerly Basin Energy Group, offers a full suite of best-in-class field services to support natural gas producers and midstream operators in the Appalachian Basin.  ShalePro has more than 23 years of production and midstream industry experience.  ShalePro provides well hook-up services, operates and maintains more than 2,000 wells, hundreds of compressors and associated facilities, and hundreds of miles of gathering system pipelines.  For more information, visit www.ShalePro.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. For more information, visit www.turningbasin.com.

Turning Basin Capital Completes Investment In Pinnacle Manufacturing, LLC

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.

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…)

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