Posted on April 29, 2019 | Filed under: Company News
RICHMOND, Va., April 10, 2019 – Turning Basin Capital Partners, L.L.C. (“TBC”) today announces that is has completed the acquisition of Liberty Tower & Flare (“Liberty”), a services company with a focus on the maintenance and installation of flare systems and flare towers located in industrial facilities, refineries and midstream terminals. The transaction marks the seventh acquisition for TBC since June 2014.
Headquartered in Bacliff, Texas, Liberty has been providing trained, experienced personnel to maintain and install flare systems for the last 40 years. Key offerings include installation and replacement of flares and related towers, repair and maintenance services, fabrication of key flare components, inspection and the sale and installation of retractable systems which improve the safety characteristics of the services.
“TBC brings the resources that will allow Liberty to pursue promising growth opportunities and continue the same quality of service it has provided over the last four decades” said Eric Alexander, second generation owner of Liberty. “Due to the dedication of our employees and customers, the company has built a stellar reputation and has experienced very strong performance over that last decade. That performance coupled with the increased demand for Liberty’s services made it a natural time to look at this type of transition.”
As part of the transaction, TBC has named Chris LeBoeuf as CEO. LeBoeuf has more than 30 years of experience in the infrastructure services business, including extensive experience in running field services businesses. Previous owners, Eric Alexander and Margie Morgan will remain with the business in their existing operational capacities.
“I’m extremely excited about working with the team at Liberty,” LeBoeuf said. “Eric Alexander and Margie Morgan 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 rich history and a dynamic and growing need for our services in the industrial market, I see a bright future for the business.”
Liberty 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 infrastructure services business with broad capabilities to support the operations of industrial, chemical, and refinery facilities along the Gulf Coast and beyond.”
The transaction closed on April 5, 2019. Terms of the agreement were not disclosed.
To learn more about Liberty Tower & Flare, visit www.libertytower.net
About Turning Basin Capital
Turning Basin Capital (“TBC”) is a private equity firm with a unique focus on lower middle market companies providing products or services to the industrial, environmental or energy sectors. 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.
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.
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
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