A group of funds managed by New York-based alternative asset manager Apollo Global Management LLC has acquired a majority interest in Fort Worth-based Tidewater Logistics Corp., the company announced on Feb. 15.
The Tidewater Logistics team, led by its founder and President Scott Spence, will be joined by Scott Prince as the company’s newly-appointed CEO. Prince previously served as CEO of Pilot Thomas Logistics, a leading energy and industrial fuels and lubricants distributor.
This is hardly the first venture into Fort Worth for Apollo, which trades on the NASDAQ under the APO symbol. Earlier in February, Fort Worth-based Double Eagle Holdings III announced it has raised $1 billion with Apollo to acquire acreage positions in the Permian Basin.
Tidewater Logistics is a leading provider of frac sand supply chain solutions, delivering procurement, transloading, last mile and wellsite operations services to E&P, pressure pumping and sand mining customers. Tidewater Logistics operates across the major U.S. shale basins.
“We are excited to work with Apollo and Scott Prince to accelerate investments that will enable us to expand our team and operations, and to continue to deliver best-in-class services to our rapidly expanding customer base across the U.S.,” said Spence.
“We believe Apollo’s deep energy industry experience and the financial backing by Apollo’s funds, combined with Tidewater Logistics’ frac sand supply chain expertise and unique ability to solve customer challenges, creates a powerful platform to serve the energy industry,” said Prince. “We look forward to continuing and enhancing Tidewater Logistics’ longstanding commitment to solving companies’ evolving frac sand challenges.”
Michael Jupiter, partner at Apollo, said, “We are excited to work with Tidewater Logistics to support and accelerate the continued growth of a premier provider of frac sand logistics services. We believe the company’s dedication to engineering effective solutions for its customers and its proven ability to deliver industry leading cost and service levels through its commercialized End-to-End Sand Supply Chain Management solution have created a tremendous pipeline of opportunities that we look forward to helping Scott Prince and Scott Spence execute.”
www.tidewater-logistics.com