Creedence Energy Services announced Wednesday it recapitalized ProChem Energy Services, Inc. In fact, this process was possible with the partnership with its founder, John Turner, and the leadership team of Stacey Cross and John Eric Turner, the company, shared in a press release.
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About the companies
This Wednesday, Creedence Energy Services, a portfolio company of Tower Arch Capital, announced it recapitalized ProChem Energy Services, Inc. Accordingly, the company achieved this through its partnership with its founder, John Turner, and the leadership team of Stacey Cross and John Eric Turner.
Headquartered in Healdton, OK, and founded in 2014, ProChem Energy Services provides production and midstream chemicals, among other custom solutions, to leading oil and gas providers. Moreover, ProChem has primary operations in Texas in Odessa, Snyder, and Oakwood. In fact, the company supplies scale and corrosion prevention products mainly in the Permian, Eagle Ford, and Scoop Stack basins.
Consequently, through this recapitalization, PreChem will be a wholly-owned subsidiary of Creedence. However, the Turner family will continue as significant investors, says the public release.
Creedence on recapitalizing ProChem
Kevin Black, CEO of Creedence, said, “We are thrilled about this partnership with ProChem and the Turner family. In fact, there is a strong cultural fit between our teams, and we share a like-minded approach to the production chemicals industry. Thus, both Creedence and ProChem are dedicated to exceptional customer service, and we are committed to our employees and their continued growth within the newly combined company.”
Therefore, “this partnership will provide significant geographic expansion for Creedence and ProChem. Besides, it will enable us to serve existing and new customers, at scale, across the top US basins,” said Black.
John Turner, CEO of ProChem, added; “The partnership with Creedence is a great fit for the ProChem team, and both organizations share a strong commitment to safety. Going forward; we are excited to invest in the people and assets we need to grow and scale with our customers. Thus, our team looks forward to working closely with Kevin, Wyatt, and Malachi Black; and the rest of the Creedence team as we actively build the collective company.”
Finally, the terms of the transaction were not disclosed by any of the parties. However, KeyBank provided financing for the transaction. Moreover, advisors for Creedence included Dorsey & Whitney LLP and RSM US LLP. On the other hand, ProChem Energy Services advisors included PPHB Securities LP, Locke Lord LLP, and Urish Popeck & Co., LLC.
