Intervale Capital Sells TorcSill Foundations to White Deer Energy
HOUSTON, Oct. 23, 2019 -- Intervale Capital, LLC ("Intervale") has announced the sale of TorcSill Foundations, LLC ("TorcSill" or the "Company"), a portfolio company of Intervale Fund III, to a newly formed entity owned primarily by White Deer Energy ("White Deer"). Financial terms of the transaction have not been disclosed.
TorcSill is a leading provider of engineered helical pile and anchor foundation solutions across the energy, industrial, and power end markets. TorcSill's turnkey product and service package includes in-house research and development, design, manufacturing, installation and installation consulting services. TorcSill's team is one of the most experienced in the industry, and the Company is a trusted partner in providing foundation solutions for some of the most demanding construction projects underway.
Tim Swift, TorcSill's Chief Executive Officer, will continue to oversee the business under new ownership. Swift commented, "It has been a pleasure to work with Intervale Capital. They have been an excellent partner as TorcSill has expanded over the past several years. The Intervale team has provided valuable strategic and financial guidance that leaves us well positioned as we move into our next phase of growth. I am excited for the next chapter under White Deer's stewardship."
Jason Turowsky, Partner at Intervale Capital, commented, "We are proud to have partnered with Tim and the entire TorcSill team. During Intervale's ownership, the Company has experienced rapid growth as its core helical pile foundation technology continues to displace traditional deep foundation solutions, such as concrete. We look forward to watching this technology continue to take market share."
Varun Babbili, Principal at White Deer, commented, "Tim and the rest of the TorcSill team have built a strong and defensible business with a unique technology offering that is used to address the foundation needs of equipment and infrastructure in multiple end markets. We look forward to partnering with the Company in the next phase of its growth."
Joe Bob Edwards, Partner at White Deer, added, "We believe that TorcSill will continue to benefit from the ongoing buildout, expansion and refurbishment of midstream, downstream, industrial and power infrastructure, and that the Company is well positioned to expand into new geographies and end markets."
TorcSill and Intervale Capital were advised by Harris Williams and Kirkland & Ellis. White Deer was advised by Locke Lord.
Founded in 2011, TorcSill is a leading provider of helical pile and anchor foundation solutions. Helical piles, also known as helical piers and screw piles, are used to provide foundation support for various structures and heavy equipment in deep foundation systems. TorcSill's helical piles are rigorously tested and customizable to meet specific project needs. The Company currently serves the energy, industrial, and power end markets. TorcSill's headquarters and manufacturing facilities are in Pasadena, TX, and the Company maintains an operating presence across the Gulf Coast, West and South Texas, Mid-Continent, Rockies, and Northeast.
About Intervale Capital:
Intervale Capital is a middle market private equity firm that invests in and builds market leaders in the energy and infrastructure products and services sector. The firm operates from offices in Houston and Boston and has raised $1.3 billion of committed capital since its inception in 2006. Intervale portfolio companies include Innovex Downhole Solutions, Milestone Environmental Services, Enercorp Sand Solutions, Entegra, Taurex Drill Bits, Aegis Chemical Solutions, among others.
About White Deer:
White Deer is a middle market private equity firm that invests in energy and industrial services and equipment companies, midstream infrastructure and exploration and production opportunities. The firm, which is based in Houston and New York, has raised in excess of $2.7 billion of committed capital since its founding in 2008.