The Halifax Group Announces the Sale of Taylor Companies
DALLAS, TX — May 24, 2010 — The Halifax Group (“Halifax”) and management today announced the sale of their equity interests in Taylor Companies LLC and certain assets of Taylor Propane Gas, Inc. (collectively “Taylor”) to Gibsons Energy ULC (“Gibsons”), a leading midstream oil and gas company headquartered in Calgary, Alberta. Terms were not disclosed.
Taylor is a carrier of crude oil, condensate and natural gas liquids that serves marketers, first purchasers, refiners and producers. Taylor, the largest independent for-hire crude oil logistics company in the U.S., owns a specialized fleet of more than 340 tractors-trailer units and hauls more than 49 million barrels of crude oil annually. Taylor’s operations also include 71 pipeline injection stations and a crude oil and NGL marketing business. Halifax acquired a majority interest in Taylor in September 2006.
“In the course of our three and a half year partnership with Halifax, we increased the number of trucks by 40%, dramatically improved operating, efficiency and customer service performance levels, employed industry-leading logistics information systems, upgraded safety and environmental compliance standards to the highest in the industry, and built out a stellar management team,” said Les Carmichael, Taylor’s Chief Executive Officer. “This wouldn’t have been possible without the high level of involvement and support of Halifax, who truly understands partnering with management. Taylor now is solidly positioned for the future and we look forward to continuing our success with a premier midstream player like Gibsons.”
“We are very pleased with the results of our successful partnership with the dedicated and highly talented management team at Taylor,” said Brent D. Williams, Managing Director at Halifax. “The growth and transformation of Taylor during the past three and a half years is simply unbelievable. Management took a successful, but patchwork, entrepreneurial company and turned it into the industry gold standard for management excellence, operational capabilities and efficiency. This metamorphosis made Taylor a highly attractive acquisition candidate in the midstream energy space and directly led to this attractive outcome.”
About The Halifax Group
The Halifax Group is a private equity firm that specializes in partnering with managers and entrepreneurs to recapitalize and grow lower middle-market businesses across a variety of industries including health and wellness, infrastructure, business services and franchising. The firm maintains offices in Washington, DC; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com. The Halifax Group does not provide investment advisory services to the public.
About Taylor Companies
Headquartered in Mesquite, TX, Taylor Companies LLC, is the largest for-hire trucking company in the U.S. crude oil transportation and logistics business. With a broad service area that spans from Alabama to Utah and from the Gulf of Mexico to Canada, Taylor is one of only two businesses capable of serving most major oil producing areas. It owns a large, specialized fleet of equipment and a network of pipeline injection points, making it a critical link in the crude oil supply chain.