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