Dallas, TX (PRWEB) April 29, 2015
Turnbridge Capital (“Turnbridge”), an energy-focused private equity firm with offices in Dallas and Houston, announced today that it has sold its majority position in ROC Service Company, LLC (“ROC” or the “Company”) to Coral Reef Capital, LLC (“CRC”). ROC, a leading provider of mission critical wellsite and facilities services to exploration and production and midstream companies operating across the United States, was recapitalized by Turnbridge and Swift River Investments in October 2009.
Rob Horton, Chairman of ROC and a Partner at Turnbridge, said “Since 2009 we have developed a constructive and supportive relationship with the ROC management team and we exit the partnership with gratification for the success realized through our collaboration. It was important to Turnbridge, and to the ROC team, that a new partner have both the deep knowledge of the energy sector and credibility to foster continued success at the Company, and we have been assured through the process that CRC is well qualified to meet those expectations.”
Mike Richey, CEO of ROC, added “Turnbridge’s knowledge and support over the past several years enabled ROC to accelerate its growth and expand its geographic footprint from three districts to the eleven district company it is today, serving top E&P customers across most major oil and gas basins in the continental US. On behalf of the ROC leaders and employee team, we are looking forward to the future and our new partnership with Coral Reef Capital.”
Jared Powell, Principal of CRC, noted “We are looking forward to partnering with the ROC management team. This is an exciting transaction for CRC and we are very eager to aide in ROC’s next evolution of growth.”
Lazard Middle Market served as financial advisor to ROC. Jones Day provided legal counsel to ROC and Turnbridge throughout the sale process.
About Turnbridge Capital:
Turnbridge Capital, LLC is an energy-focused private equity firm with offices in Dallas and Houston, Texas. Turnbridge seeks to invest alongside experienced management teams in companies that provide products and services to the upstream, midstream, and downstream energy market segments. For more information, visit http://www.turnbridgecapital.com.
About Coral Reef:
Coral Reef Capital is a New York-based private investment firm that is exclusively focused on private equity investments in the natural resources sector, including oil & gas exploration and production, metals & mining, agricultural minerals, energy and related infrastructure and services. For more information, please visit http://www.coralreefcapital.com.
About ROC Service Company:
ROC Service Company, LLC is a leading provider of mission critical wellsite and facilities services to exploration and production and midstream companies operating across the United States. The Company’s service offering spans the entire lifecycle of hydrocarbon production and includes: the preparation and installation of wellsites and production facilities for drilling, completion and production activity; the maintenance or replacement of surface facilities and production infrastructure throughout their economic life; and the decommissioning and abandonment of wellsites and assets as dictated by customers’ diminishing returns and/or compliance with regulations. ROC operates from eleven district offices across eight states. For more information, please visit http://www.rocserviceco.com.
Rob Horton, Partner, 214.624.5010