Sure Shot Holdings LLC, the parent company of Sure Shot Drilling, has acquired four Colorado-based utility service companies: DrillTech Directional Services, Pinnacle Development, BAS Rentals and A to Z Cable Construction. No financial terms were disclosed. Sure Shot Holdings is backed by Diamond State Ventures, Banyan Investment Partners, Asydan Capital Management and Post Road Group.
DENVER, July 22, 2019 /PRNewswire/ — Sure Shot Holdings, LLC, the parent company of Sure Shot Drilling, announced today the acquisition of four Colorado-based utility service companies: DrillTech Directional Services, Pinnacle Development, BAS Rentals, and A to Z Cable Construction.
“The combination of these businesses supports our strategy of increasing value by providing integrated services to our customers. The merged operations will result in better coordinated, executed, and lower cost services,” said Rick Barrett, Sure Shot Holdings CEO.
DrillTech Directional Services, Inc., now known as DrillTech, LLC, is a market leading horizontal directional drilling company. It was founded by Leighton and Cliff Cartwright, both of whom will continue to oversee the business as part of the acquisition. “We are excited to be a part of this new organization and see this as an opportunity to take our company to the next level while maintaining our family-oriented culture and legacy,” said Leighton Cartwright.
Pinnacle Development, Inc (PDI), is another leading directional drilling company serving the telecommunications and municipal markets. PDI was founded by Rick Allison, who will remain on as President of the successor company, PDI, LLC. Rick Allison added, “We now have the largest fleet of rigs in the State and the ability to keep up with the growing demand of our customers.”
BAS Rentals Inc., a traffic control design and maintenance company, is merging with A to Z Cable Construction, an infrastructure support services firm, to form A to Z Field Services. The merged company will be led by Leonard Sanderson, a long-term manager involved with the business.
About Sure Shot Holdings
Sure Shot Holdings was formed in 2015 to develop a leading underground utility services company pursuing strategic acquisitions in the telecommunications, power, and gas distribution markets. Sure Shot Holdings is a joint investment between Diamond State Ventures, Banyan Investment Partners, Asydan Capital Management and Post Road Group and is led by former Blackeagle Energy Services CEO, Rick Barrett. To date, Sure Shot Holdings has completed five acquisitions of businesses supporting major telecommunications carriers, large public EPC companies, and one of the nation’s largest utility owners.
About Diamond State Ventures
Founded in 1999 with its first fund, Diamond State Ventures is a licensed Small Business Investment Company (“SBIC”) engaged in providing debt and equity financing to lower middle-market companies across the United States. With approximately $225 million in invested and committed capital across three funds, DSV will participate in a variety of transactions including growth/expansion financings, recapitalizations and buyouts. Importantly, DSV seeks to invest in exceptional businesses managed by extraordinary people who possess a record of achievement, integrity and determination.
About Banyan Investment Partners
Banyan Fund, L.P. was founded in 2002 to provide mezzanine capital to smaller middle-market companies headquartered primarily in the Southeastern United States. Mezzanine capital is used to supplement a company’s debt capacity beyond banks’ credit limitations and is a substantially cheaper and less dilutive alternative to equity financing. We strive to contribute beyond the capital we provide to our clients, by entering into a close partnership arrangement with management teams coupling high integrity with a desire to build substantial enterprise value.
About Post Road Group
Post Road Group is a private investment firm based in Stamford, CT. Post Road’s special opportunity investment team executes debt and equity investments in primarily tech, media, telecom, and other tech-enabled business services companies. Since its founding in 2017, the team has invested over $500 million in its target industries, and is currently investing out of Special Opportunity Fund I. To learn more, please visit postroadgroup.com.