PAMPA, Texas, Dec. 5 /PRNewswire/ -- Titan Specialties, Ltd., a portfolio company of Riverstone Holdings LLC, announced today the appointment of Ken Babcock as Chief Executive Officer and Roger Rivet as Chief Financial Officer. Prior to joining Titan, Mr. Babcock was the President and CEO of International Logging, Inc., a former Riverstone portfolio company which was acquired by Weatherford International Ltd. in August 2008. Mr. Rivet served as the CFO of International Logging, Inc.
Messrs. Babcock and Rivet join Titan upon the planned retirement of the company's current CEO and founder, Bill Berry, and its current CFO and Executive Vice President, Jerry Wilson. Mr. Berry founded Titan in 1966 with the goal of becoming the premier perforating gun and hardware manufacturer in the Texas and Oklahoma region. Under the leadership of Messrs. Berry and Wilson, Titan has evolved into a leading provider of perforating guns, shaped charges, well-logging instrumentation and related perforating hardware, with over 400 employees and a network of distribution centers throughout the US and Canada. Riverstone made its original investment in Titan in March 2007, in partnership with Mr. Berry, Mr. Wilson and co-founder Clarence Marak.
Mr. Berry said, "This is an exciting time in Titan's history and I would like to welcome Ken and Roger to the company. They bring a wealth of knowledge and experience to Titan and we feel that the fit could not be better."
John Lancaster, Managing Director of Riverstone, said, "We would like to thank Bill and Jerry for their leadership and commitment throughout Riverstone's partnership with the company and we wish them the best in their retirement. We are excited to welcome Ken and Roger to Titan and look forward to working with them again to lead Titan in its next phase of growth."
Mr. Babcock said, "Roger and I are eager to work with Titan's employees to continue to build a premier provider of perforating hardware, shaped charges and well-logging instrumentation. We enjoyed working with Riverstone at International Logging and look forward to continuing our successful partnership."
Mr. Babcock has 28 years of oilfield services industry experience, including serving in a number of roles with Baker Hughes INTEQ (and predecessor Exlog), Phoenix Energy Services and Noble Corporation, as well as with International Logging. He earned his BS degree in Geology from Florida State University in 1980.
Mr. Rivet has 29 years of experience in the oilfield services industry working for International Logging, Baker Hughes at Baker Oil Tools and Baker Hughes INTEQ, Diamond Products International, NQL Energy Services, Inc. and Integrated Production Services. He earned his BBA degree in Accounting from Sam Houston State University in 1975 and his Certified Public Accounting certificate in 1986.
Titan designs, manufactures and distributes perforating gun systems, shaped charges and electronic well-logging instrumentation. The company's products are used throughout North America and globally by the oilfield services industry. Titan has approximately 400 employees and has manufacturing facilities in Pampa, TX, Milford, TX and Tyler, TX. Additionally, the company has a network of 26 owned and independent distribution centers throughout the US and Canada. For more information on Titan Specialties, Ltd., see www.titanspecialties.com.
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $16 billion under management across six investment funds. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $10.8 billion to 58 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
For Riverstone Holdings:
Jeffrey Taufield or Michael Freitag
Kekst and Company
For Titan Specialties, Ltd.:
SOURCE Titan Specialties, Ltd.