Turnbridge Capital Partners has closed its first institutional fund, Turnbridge Capital Partners I, L.P., on its hard cap of $400 million. Eaton Partners worked as placement agent on the fundraising.
Turnbridge Capital Partners (“Turnbridge”) announced today that it has closed its first institutional fund, Turnbridge Capital Partners I, L.P. (“Fund I”), reaching its hard-cap with commitments of $400 million. Turnbridge will utilize the new capital to continue its proven strategy of investing alongside experienced and capable management teams leading companies that provide services and manufactured products in the growing and dynamic upstream, midstream and downstream energy sectors.
Founded in 2008, Turnbridge Capital Partners is led by a team of six partners who have decades of experience in the energy industry. J. Kent Sweezey, co-founder of Turnbridge, said, “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.
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.”
Todd M. Tomlin, co-founder of Turnbridge, said, “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.”
C. Mitchell Cox, also a Turnbridge partner, added, “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.”
In addition to Messrs. Sweezey, Tomlin and Cox, Turnbridge partners include Mr. David J. Graham, Mr. Robert B. Horton and Mr. John U. Clarke. Turnbridge’s current portfolio includes five platform investments: Aereon, a global manufacturer of gas and vapor handling combustion and recovery equipment; Allied-Horizontal Wireline Services, the leading independent provider of open-hole and cased-hole wireline logging and completion services across North America; Pipe Pros, a leading domestic provider of casing and tubing installation services; Pro-Stim, a specialized stimulation services provider uniquely positioned within the conventional reservoir segment; and ROC Service Company, a leading provider of wellsite and surface facilities installation, maintenance, inspection and repair across the onshore U.S. marketplace.
Eaton Partners LLC served as placement agent for the Fund, while Jones Day served as lead counsel for the Fund.
About Turnbridge Capital Partners:
Turnbridge is a private equity firm that invests in middle-market businesses that are directly or indirectly dependent on energy and energy-related infrastructure spending. These businesses are typically energy services and equipment providers supporting upstream, midstream and downstream energy companies. Turnbridge seeks to invest alongside superior management teams, often as their company’s first institutional equity partner, to assist in the pursuit of shared strategic growth and value-creation objectives. Typically, investments involve companies generating $25 million to $250 million of revenue. With offices in Dallas and Houston, TX, Turnbridge benefits from the knowledge and relationships of its partners built through their decades of experience in the industry and longstanding presence in the southwest region of the U.S. Additional information about Turnbridge can be found at http://www.turnbridgecapital.com.