Less than a year after Thigpen Energy merged with Recapture Solutions and Flex Leasing Power and Service (FLPS), the company is back on its own.
Thigpen, a fuel solutions company for drilling, pressure pumping and other operations, is being spun off and re-launched. It will exit the The Woodlands, Texas-based TRF Energy Solutions mix of companies it joined in December 2014.
On Oct. 1, Thigpen becomes a standalone company backed by Intervale Capital.
“In March 2015, Thigpen Energy's management team decided to change its market focus to industrial and pipeline integrity projects requiring large scale portable fueling solutions and reallocate resources away from the E&P fueling market,” the company said in a Sept. 24 news release.
The new strategy proved to be the right call. The fueling services business at Thigpen has grown tenfold in six months. In August, for instance, the company vaporized nearly half a million gallons of LNG in 45 days to provide natural gas for the Longview Power plant in West Virginia.
As a result of this momentum, the board of directors agreed to spin Thigpen Energy out of the TRF Energy Solutions holding company. The upshot is the potential for more robust capital support for growing the business.
Thigpen Energy currently has an ongoing fueling and conversion business in prominent shale play regions.
Thigpen should have adequate capital moving forward. As of February 2014, Intervale Capital had raised a cumulative $1.2 billion since 2008. The firm invests in middle-market oilfield services and manufacturing companies and related technologies.
In May, Thigpen also formed a partnership with Bayou City Energy Partners LP and closed its capital campaign. Financial details were not disclosed.
Thigpen will also shift personnel when the spinoff launches. Sam Thigpen, founder and CEO, will move from his operational role and join the company's board of directors. Jim Schauer, senior vice president of marketing and sales, will assume the role of president and CEO, effective Oct. 1.
"The re-launch of the Thigpen Energy brand marks an exciting new chapter in the company's evolution,” Sam Thigpen said. “Jim Schauer has been instrumental in building our core business targeting the utilities, industrial and pipeline markets and I cannot think of anyone more qualified to maintain Thigpen Energy's quality of service commitment.”
“The spin-out solidifies our commitment to our most important markets,” he said. “Our team is motivated to build on this foundation of service excellence, which is a vital part of our differentiated offering.”
Sam Thigpen will also be entering a new role as vice president and general manager of lifecycle products and services with Chart Industries Inc. (GTLS). Thigpen entered into a partnership with Chart in June to expand its LNG fueling capabilities.
Contact the author, Darren Barbee, at dbarbee@hartenergy.com.
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