News

DeBusk Services Group, LLC Has Been Recapitalized By Turnbridge Capital

PASADENA, TEXAS (June 24, 2016) – Statesman Corporate Finance, LLC is pleased to announce the equity recapitalization of DeBusk Services Group, LLC (“DSG”) by Turnbridge Capital Partners, along with DSG founders, management, and current investors. The recapitalization, led by Turnbridge, provides expansion of DSG’s capital resources to facilitate future growth. Statesman served as the lead Investment Banking advisor to DSG, and Brown, Gibbons and Lang, (Cleveland, OH) served as co-advisor.

DSG was founded in 2012 in Pasadena, TX by industry veteran Andrew DeBusk, who will continue as a major shareholder and the Company’s CEO. DSG has grown significantly over its four year history and is currently operating from 16 facilities across the country. DSG provides a comprehensive suite of maintenance and turnaround services which include hydro-blasting, hydro-cutting, specialty FCC catalyst handling, chemical cleaning, transportation, tank cleaning, and vacuum services. It primarily serves the downstream petrochemical and refinery markets. Commenting on the Company’s rapid growth and future outlook, Andrew DeBusk said, “Fundamentally, it comes down to partnering with quality people. With that top of mind, we are extremely pleased to be joining forces with Turnbridge and adding their experience, capabilities and additional resources to the DeBusk Services family.”

The Statesman team managing this engagement included Principal Walter Tomlinson, Managing Director Lee McFarlain, Vice President Peter Chiu, and Associate Walker French.

Financing for the transaction was led by Cadence Bank, N.A. (Barry Kelly, Gale Smith and Taylor Ducoff) as Administrative Agent and Joint-Lead Arranger with Amegy Bank, a division of ZB, N.A. (James Day, Michael Threadgill, and Cody Biller) as the other Joint-Lead Arranger, and with participation from Green Bank, N.A.

Andrews Kurth, LLC provided legal counsel for DSG led by Partner Nancy B. Bostic Houston, TX

Jones Day provided legal counsel to Turnbridge, led by Partner Michael P. Considine Dallas, TX.

Locke Lord LLP provided legal counsel to the debt providers, led by Ryan Morgan Houston, TX.

About Turnbridge Capital:

Turnbridge Capital Partners is an energy-focused private equity firm with offices in Dallas and Houston, Texas. Turnbridge seeks to invest alongside experienced management teams in companies that provide products and services to the upstream, midstream and downstream energy market segments. The Turnbridge team leading this transaction were Partners Mitch Cox, Rob Horton, and J. Kent Sweezy, along with Senior Associate Houston Johnson and Associate Matt Reckling.

About Statesman Corporate Finance:

Statesman Corporate Finance, LLC is a leading middle market investment bank with offices in Houston and Austin, Texas, providing merger and acquisition, debt and equity placement, valuation enhancement planning, financial restructuring, company valuations and general corporate financial advisory services to middle-market companies.