The Halifax Group closes investment in The Taylor Companies
DALLAS, TX – September 9, 2006 – The Halifax Group announced today that it has completed a majority recapitalization of The Taylor Companies, a leading provider of transportation and logistics services for crude oil, condensate, and natural gas liquids. James Ballengee , Taylor’s Chief Executive Officer, has retained a significant minority stake in the Company. Other terms were not disclosed.
Taylor , headquartered in Winnsboro , Texas , is one of the largest independent crude oil transportation and logistics business in the U.S. , with operations spanning from Alabama to Utah and the Gulf of Mexico to Canada. Taylor is currently one of only two carriers capable of serving all of the major crude producing states. The company utilizes its fleet of specialized tractors and trailers to haul crude oil from well sites without direct pipeline access to its strategically located pipeline injection points. Taylor serves as a critical link in our nation’s crude oil supply chain. Taylor also engages in the marketing of natural gas liquids.
With Halifax’s assistance, Taylor will continue to expand its operations to better serve its customers and to offer a comprehensive suite of crude oil logistics services. “We are very excited to partner with Halifax, which has resources beyond capital and key strategic relationships that will be very beneficial,” said Mr. Ballengee. “We have a tremendous opportunity to leverage our position through organic and acquisition growth, to broaden our service capabilities, and to take advantage of outsourcing.”
“Taylor is an exciting opportunity to partner with a great manager and invest in an established market leader with significant growth opportunities,” said Brent D. Williams, Managing Director at Halifax. ” Taylor has a consistent growth record and stable operating model with no direct exposure to commodity prices. It is very well positioned as crude oil trucking and logistics continues to be an increasingly important part of our nation’s energy infrastructure.”
Terry Fick at Corporate Finance Associates acted as the exclusive investment banking advisor to Taylor in this transaction. Arnold & Porter was counsel to The Halifax Group and Locke Liddell & Sapp was counsel to Taylor.
The Halifax Group, LLC is a private equity investment firm specializing in equity investments in small and medium sized companies headquartered in the U.S. Halifax targets established, profitable and growing companies that are leaders within their market niche. Halifax ‘s typical transactions have enterprise values of between $20 million and $100 million and require equity of between $10 million and $40 million. Halifax has offices in Washington D.C. , Dallas , TX and Raleigh , NC . For more information please visit www.thehalifaxgroup.com.