Elm Creek Partners and CornerPost Capital Partners have acquired the assets of TGE Industrial Services and Fishbone Solutions from Texas Gulf Energy, Inc.
TGE and Fishbone provide domestic and international construction, turnaround, project controls, project management and planning, and electrical and instrumentation services to the petrochemical, refining, liquid natural gas, oil and gas, and midstream industries. Upon closing of the transaction, TGE and Fishbone will immediately move and expand operations in a new headquarters located in Pasadena, TX.
“We are looking forward to working with our new financial partners, Elm Creek Partners and CornerPost Capital, as they provide us with the additional resources and support to grow. While pursuing expansion, we look forward to continuing our long track record of being a leader in safely delivering quality projects as we offer the expertise and breadth of services to get the job done on schedule, on budget, and beyond expectations,” said David Mathews, President and CEO of TGE.
Elm Creek Partners invests from $3 million to $6 million in companies with $10 million to $50 million in revenues and cash flow of at least $1 million. Sectors of interest include aerospace & defense, transaction processing, packaging, and waste & energy services. The firm has no geographic limitations but prefers to invest in companies based in Texas and the surrounding states. Elm Creek Partners is headquartered in Dallas (www.elmcreekpartners.com).
CornerPost Capital invests from $1 million to $15 million in businesses with revenues of less than $150 million. The firm invests in a wide variety of sectors making the firm industry agnostic. CornerPost Capital is headquartered in Irving, TX (www.cornerpostcapital.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-24-14
