Turnbridge Sells ROC to Coral Reef Capital
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Turnbridge Sells ROC to Coral Reef Capital

roc nf1Turnbridge Capital has sold its portfolio company ROC Service Company to Coral Reef Capital.  Turnbridge and its co-investment partner Swift River Investments acquired ROC in October 2009.

ROC is a provider of wellsite and facilities services to exploration and production and midstream companies operating across the United States. The company’s service offering includes preparation and installation of wellsites and production facilities; maintenance or replacement of surface facilities; and the decommissioning and abandonment of wellsites. The company operates from eleven offices across eight states and is headquartered northwest of Dallas in Bridgeport, TX (www.rocserviceco.com).

Rob Horton nf1“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,” said Rob Horton, Chairman of ROC and a Partner at Turnbridge.  “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 Coral Reef Capital is well qualified to meet those expectations.”

Coral Reef Capital invests up to $100 million in companies that are active in the natural resources sector, including oil & gas exploration and production, metals & mining, agricultural minerals, energy and related infrastructure and services.  The firm was founded in 2008 by Marceau Schlumberger and is headquartered in New York (www.coralreefcapital.com).

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 has offices in Dallas and Houston (www.turnbridgecapital.com).

“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 exploration and production customers across most major oil and gas basins in the continental US,” said Mike Richey, CEO of ROC.

Lazard Middle Market served as financial advisor to ROC.  Jones Day provided legal counsel to both ROC and Turnbridge.

© 2015 PEPD • Private Equity’s Leading News Magazine • 4-29-15

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