M&A Deal Summary

Main Street Capital and Turning Basin Capital Partners Acquire BBB Tank Services

On April 19, 2016, private equity firms Main Street Capital and Turning Basin Capital Partners acquired business services company BBB Tank Services for 5M USD

Acquisition Highlights
  • This is Main Street Capital’s 7th and Turning Basin Capital Partners’ 1st transaction in the Business Services sector.
  • This is Main Street Capital’s 17th and Turning Basin Capital Partners’ largest (disclosed) transaction.
  • This is Main Street Capital’s 83rd and Turning Basin Capital Partners’ 2nd transaction in the United States.
  • This is Main Street Capital’s 33rd and Turning Basin Capital Partners’ 1st transaction in Texas.

M&A Deal Summary
Date 2016-04-19
Target BBB Tank Services
Sector Business Services
Buyer(s) Main Street Capital
Turning Basin Capital Partners
Deal Type Recapitalization
Deal Value 5M USD

Target

BBB Tank Services

Corpus Christi, Texas, United States
BBB Tank Services is a provider of products and services to the above-ground storage tank ("AST") market. The Company's products and services include routine and emergency maintenance and repairs, replacement seals for floating roofs, application of protective coatings, and new tank construction and are provided primarily to owners of storage terminals that hold crude, refined petroleum products, chemicals and other commodities. BBB Tank Services was founded in 2001 and is based in Corpus Christi, Texas.

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Buyer(S) 2

Buyer

Main Street Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Main Street Capital Holdings is a public investment firm that invests in mid-market companies to support ownership transitions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Main Street looks for businesses opearting in basic industries with positive cash-flow and and defensible competitive advantages. Main Street generally invests $5 to $75 million in companies with $10 to $150 million of revenue and EBITDA of $3 to $20 million. Investments are usually in the form of term debt and/or direct equity. Main Street Capital Corporation was formed in 1997 and is based in Houston, Texas.

DEAL STATS #
Overall 83 of 137
Sector (Business Services) 7 of 17
Type (Recapitalization) 25 of 56
State (Texas) 33 of 42
Country (United States) 83 of 137
Year (2016) 3 of 7
Size (of disclosed) 17 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-15 CapFusion

Prairie Village, Kansas, United States

CapFusion LLC is a provider of short-term capital to established small businesses across the United States and utilizes a proprietary, technology-based lending platform that allows it to quickly determine credit risk, assess a client's needs, and fund a loan shortly after receiving a completed application from a client. CapFusion was formed in 2013 and is based in Prairie Village, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-03 Gulf Energy

Houston, Texas, United States

Gulf Energy is a producer and distributor of trade journals, industry research, databases, software, publications, conferences and events designed for the needs of the energy industry. Gulf Energy was founded in 1916 and is based in Houston, Texas.

Buy -
Buyer

Turning Basin Capital Partners

Category Private Equity Firm
Founded 2013
Size Small
Type Sector Focused
DESCRIPTION

Turning Basin Capital Partners is a private equity firm focused on lower middle-market energy companies. Specific areas of interest include service providers and equipment manufacturers focused on oil and gas development, production, and transportation as well as power generation and distribution. Turning Basin seeks to invest $2 to $5 million for controlling stakes in profitable companies with $1 to $5 million of EBITDA. The Firm will consider opportunities throughout North America but has a preference for opportunities in the Southeast and Gulf regions of the US. Turning Basin Capital Partners was formed in 2013 and is based in Richmond, Virginia.

DEAL STATS #
Overall 2 of 5
Sector (Business Services) 1 of 1
Type (Recapitalization) 1 of 1
State (Texas) 1 of 1
Country (United States) 2 of 5
Year (2016) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-03 ShalePro Energy Services

Houston, Pennsylvania, United States

ShalePro Energy Services is located in the heart of the Marcellus/Utica Shale Basin and is proud to provide best-in-class services to the production and midstream sectors of the ever-growing natural gas industry. It is a holding company formed to acquire leading field service companies serving midstream operators and producers in the Appalachian Basin. ShalePro’s four operating subsidiaries provide a wide range of operating and maintenance services through a workforce of approximately 300 employees located throughout the Ohio, Pennsylvania, and West Virginia shale gas region. ShalePro Energy Services was formed in 2014 and is based in Houston, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-14 Pinnacle Manufacturing

Boaz, Alabama, United States

Pinnacle Manufacturing manufactures and refurbishes tanks and containers used for the storage, transportation, and disposal of hazardous and non-hazardous solids and liquids. Pinnacle’s tanks and containers are used in a wide range of applications, including industrial cleaning, environmental remediation, infrastructure construction, wastewater treatment and disposal, and upstream oil and gas development. Pinnacle Manufacturing is based in Boaz, Alabama.

Buy -
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