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.