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