Turnbridge Capital Partners has closed its first institutional fund, Turnbridge Capital Partners I, LP, at the fund’s hard-cap of $400 million.
“We are gratified to become partners in our investing activities with a strong, new group of institutional investors who understand our sectors of focus, our strategy and recognize our success to date in creating value for our investors,” said J. Kent Sweezey, co-founder of Turnbridge. “Professional relationships among the Turnbridge partners are long-standing, which enhances the strength of the partnership. Moreover, the firm is founded on core principles of integrity and transparency, and we believe that these principles mirror the expectations of our new institutional partners and the priorities of our management team partners.”
Turnbridge Capital invests in companies that provide services and manufactured products in the upstream, midstream and downstream energy sectors. Typical transactions involve companies which range in enterprise value from $25 million to $250 million. The firm was founded in 2008 and is led by a team of six partners. Turnbridge has offices in Dallas and Houston (www.turnbridgecapital.com).
“Turnbridge draws upon the extensive operating experience and domain knowledge of its partners across virtually all of the services, equipment and infrastructure sectors of the energy industry. We believe our collective industry experience, and our ability to collaborate with our management partners in value-creation strategies, will continue to differentiate Turnbridge as a partner for management teams across a wide range of energy industry sectors,” said Todd Tomlin, co-founder of Turnbridge.
Turnbridge’s current portfolio includes five platform investments: Aereon, a manufacturer of gas and vapor handling combustion and recovery equipment based in Austin, TX (www.aereon.com); Allied-Horizontal Wireline Services, a provider of open-hole and cased-hole wireline logging and completion services based in Houston, TX (www.alliedwireline.com); Pipe Pros, a provider of casing and tubing installation services based in Corpus Christi, TX (www.pipe-pros.com); Pro-Stim, a specialized stimulation services provider based in Longview, TX (www.prostimservices.com); and ROC Service Company, a provider of wellsite and surface facilities installation, maintenance, inspection and repair based in Bridgeport, TX (www.rocserviceco.com).
“We are pleased that many of the energy-knowledgeable individual and family office investors in our existing portfolio companies have made commitments to Fund I, thereby assuring the continuity of relationships that have been valuable to our firm and our investing activity,” said C. Mitchell Cox, a Turnbridge partner.
In addition to Messrs. Sweezey, Tomlin and Cox, Turnbridge partners include David Graham, Robert Horton and John Clarke.
Eaton Partners (www.eatonpartnersllc.com) served as placement agent for Turnbridge Capital Partners I, LP, and Jones Day served as lead counsel.
2014 PEPD • Private Equity’s Leading News Magazine • 9-4-14
