TRS Services, LLC Has Completed a Majority Recapitalization with Knox Capital, Tuckerman Capital and CEO David Theis
HOUSTON, January 15, 2015 - GulfStar Group ("GulfStar") is pleased to announce the majority recapitalization of TRS Services, LLC (or the "Company") by Knox Capital Holdings, LLC ("Knox") and Tuckerman Capital, alongside experienced industry executive and CEO David Theis. GulfStar served as the exclusive advisor to TRS Services, LLC throughout the transaction, which closed on December 10, 2014.
Headquartered in Houston, the Company is a North American leader in repair and maintenance of stationary components for industrial gas turbines. TRS Services, LLC combines customized service with a commitment to quality and turn times that are superior to other competitors.
"GulfStar guided us through every step of this transaction with expertise and sound advice," said Pete Sobieski, President of TRS Services, LLC. "The GulfStar team understood our goals and were instrumental in helping us achieve them," added Shawn Smith, Vice President of TRS Services, LLC.
An experienced industry veteran in the industrial gas turbine industry, David Theis was the Founder, President and CEO of Leading Edge Turbine Technologies, which became one of the largest independent repair firms in the industry. Leading Edge Turbine Technologies was ultimately sold to Dresser-Rand in 2010. "Having worked with the leadership of TRS Services, LLC over the course of my career, there is a great deal of both comfort and renewed excitement in building a global industrial and commercial gas turbine repair company, leveraging our platform's portfolio of capabilities to address a broad spectrum of end user and OEM needs," said Theis.
The GulfStar team included Managing Directors Cliff Atherton and Tom Hargrove, Senior Vice President Pam Reiland, Associates Caroline Incavo and Rupert Gerard, and Analyst Patrick Wilkey. "TRS Services LLC has a long history of providing exceptional service to the stationary gas turbine market. The Company is a leading service provider to the power sector, and this transaction further evidences GulfStar's strong commitment to the broader energy industry," said Atherton.
About Knox Capital
Knox Capital makes control and non-control equity investments in middle market companies in partnership with family offices and flexible capital partners. Knox targets family-, founder- and entrepreneur-owned businesses where management, infrastructure, or capital resources are needed to reach a new plateau of growth.
About Tuckerman Capital
Tuckerman Capital invests in niche manufacturing and industrial service companies. Based in Hanover, NH and founded in 2001, Tuckerman Capital invests across the capital structure of its portfolio companies in partnership with other private equity investors and operating executives.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed approximately 600 transactions in 32 states and 10 foreign countries across a variety of industries.