Creedence Energy Services Recapitalizes ProChem Energy Services

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Mar 03, 2021, 20:24 ET

MINOT, N.D., March 3, 2021 /PRNewswire/ -- Creedence Energy Services ("Creedence"), a portfolio company of Tower Arch Capital, is pleased to announce that it has recapitalized ProChem Energy Services, Inc. ("ProChem") in partnership with its founder, John Turner, and the leadership team of Stacey Cross and John Eric Turner.

Founded in 2014, ProChem Energy Services is headquartered in Healdton, OK with additional primary operations in Odessa, TX, Snyder, TX, and Oakwood, TX. ProChem provides production chemicals, midstream chemicals, and other custom solutions for scale and corrosion prevention to leading oil and gas providers in the Permian, Eagle Ford, and Scoop Stack basins. ProChem will be a wholly owned subsidiary of Creedence and the Turner Family will continue as significant investors.

Kevin Black, CEO of Creedence, said, "We are thrilled about this partnership with ProChem and the Turner family. There is a strong cultural fit between our teams, and we share a like-minded approach to the production chemicals industry. Both Creedence and ProChem are dedicated to exceptional customer service, and we are committed to our employees and their continued growth within the newly combined company. This partnership will provide significant geographic expansion for Creedence and ProChem and will enable us to serve existing and new customers, at scale, across the top US basins. We are well capitalized with the support of Tower Arch Capital to continue investing in new and existing locations and services."

John Turner, CEO of ProChem, added, "The partnership with Creedence is a great fit for the ProChem team, and both organizations share a strong commitment to safety. Going forward, we are excited to invest in the people and assets we need to grow and scale with our customers. Our team looks forward to working closely with Kevin, Wyatt, and Malachi Black and the rest of the Creedence team as we actively build the collective company."

Terms of the transaction were undisclosed. Financing for the transaction was provided by KeyBank. Advisors for Creedence included Dorsey & Whitney LLP and RSM US LLP. Advisors for ProChem Energy Services included PPHB Securities LP, Locke Lord LLP, and Urish Popeck & Co., LLC.

About Creedence Energy Services, LLC

Founded in 2014, Creedence is a leading provider of oilfield production chemicals, acidizing, and other oil field services in the Bakken and Permian basins. The company services oil wells, and saltwater disposal wells, throughout their lifecycle, providing a comprehensive chemical solution. For more information, please visit www.creedence-energy.com.

About ProChem Energy Services, Inc

Founded in 2014, ProChem is a leading provider of oilfield production chemicals, midstream chemicals, and other oil field services in the Permian, Eagle Ford, and Scoop Stack basins. The company utilizes its in-house blending capabilities to service oil and gas wells throughout their lifecycle, providing a comprehensive chemical solution. For more information, please visit www.prochemes.com.

About Tower Arch Capital

Headquartered in Salt Lake City, UT, Tower Arch Capital is a lower-middle market private equity firm. Tower Arch seeks to partner with and grow high-quality family and entrepreneur-owned companies to deliver long-term value for their management teams and investors. Tower Arch brings operational, consulting, and financial expertise to small companies to help them improve their operations, scale, and grow. Target investments include control positions in entrepreneur and family-owned businesses with revenue between $20 million and $150 million or EBITDA between $5 million and $25 million. For more information, please visit www.towerarch.com.

SOURCE Tower Arch Capital