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.