Merit Capital Partners and 24/6 Capital Partners Acquire Non-Destructive Testing Company
HOUSTON and Tulsa, Okla., March 3, 2015 /PRNewswire/ -- Merit Capital Partners ("Merit") and 24/6 Capital Partners ("24/6") are pleased to announce the acquisition of Tulsa Gamma Ray and Texas Gamma Ray ("TGR"). The business now operates under the name TGR Industrial Services. Industry veteran Matt Sisson has been named Chief Executive Officer of TGR and Tom Crews has been named Chief Financial Officer. Pete Moss, former owner and longtime CEO of TGR remains an investor in the business and a member of the Company's Board of Directors. The transaction closed on August 29th, 2014.
Founded in 1976, TGR Industrial Services is a national provider of Non-Destructive Testing and Stress Relieving Services. The company specializes in providing services that assure code compliance and the integrity of critical pressurized systems. TGR provides these services to the refining, petrochemical, chemical, transmission, power, offshore, aerospace & defense, manufacturing and industrial markets. TGR Industrial Services has eight locations throughout the United States in addition to numerous project locations.
Matt Sisson, CEO of TGR, said, "I am very excited to have joined the TGR team. The testing and stress relieving industry is growing and benefiting from new technologies and TGR is well positioned to capitalize on this trend. TGR has a great reputation for providing quality non-destructive testing and stress relieving services throughout the country and in several foreign locales. Over the last several months we have made considerable progress executing on our growth strategy and I look forward to working with our talented management team to build TGR into a world class provider of non-destructive testing and stress relieving services."
Pete Moss, former CEO of TGR commented, "I am really proud of what TGR has accomplished over the last 40 years and I am confident that Matt Sisson and his team will help TGR reach new heights. I look forward to helping support the continued success of TGR."
Evan Gallinson, Managing Director at Merit Capital Partners, said, "TGR presents a great opportunity to build a leading provider of non-destructive testing services. We look forward to working with Matt Sisson and his team to grow the company organically and through strategic add-on acquisitions."
24/6 and Matt Sisson partnered to find a platform investment serving the non-destructive testing industry. Once identifying and agreeing to terms with Pete Moss, owner of TGR, they worked closely with Houlihan Lokey, an investment bank with extensive experience in the non-destructive testing space, to select a financial partner for the transaction.
Edward Feuerstein, Managing Partner at 24/6 Capital Partners, commented, "Partnering with Matt Sisson to identify a platform company in the non-destructive testing space has been a great experience. His industry knowledge and contacts are a valuable asset to TGR. I am confident that under Matt's leadership, coupled with Merit and 24/6's experience working with middle market companies, we will successfully grow TGR into a leading provider of non-destructive testing services."
First American Bank provided senior debt financing.
Much Shelist, P.C. provided legal counsel to Merit and 24/6.
Houlihan Lokey advised Merit and 24/6 on the transaction.
About TGR Industrial Services
TGR Industrial Services, based in Houston Texas, is a leading national provider of non-destructive testing and stress relieving services. TGR specializes in assuring the integrity of industrial assets. TGR delivers these services to the construction, maintenance and the on-going in-situ monitoring of pressurized piping, vessels, and associated process systems. TGR Industrial Services supports the refining, petrochemical, chemical, transmission, power, offshore, aerospace & defense, manufacturing and industrial markets. TGR Industrial Services has eight locations throughout the United States and has numerous project locations. For more information please contact Tim Yoder, Vice President of Business Development, at 281-487-8800. Please visit us at www.tgrind.com
About Merit Capital Partners
Headquartered in Chicago, Merit Capital Partners has managed $1.7 billion of capital over its 20 years through five institutionally-sponsored limited partnerships investing mezzanine and equity capital in middle-market companies principally in manufacturing, distribution and services industries. Merit focuses exclusively on high-quality, established businesses with carefully conceived operating strategies with a goal of working with committed owners and strong managers to help increase a company's enterprise value. Merit typically invests with management teams and independent sponsors in recapitalizations, acquisitions, management buyouts, and internal expansions. Merit Capital Partners was founded in 1993. For more information on Merit Capital Partners, please visit www.meritcapital.com.
About 24/6 Capital Partners
24/6 Capital Partners, founded in 2011, focuses on generating creative, middle market, private equity transactions often in partnership with accomplished industry executives. 24/6 Capital Partners has completed six transactions since April of 2012. For more information please contact Edward Feuerstein, Managing Partner, at 617-396-4408.
SOURCE TGR Industrial Services
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