HOUSTON--(BUSINESS WIRE)--Tally Energy Services, a private equity backed firm with a buy and build strategy in specialized North American shale products and services, recently launched its operations in Houston, Texas. With sponsorship from RedBird Capital Partners and Sallyport Investments, Tally Energy Services raised $130MM+ of capital commitments with additional equity available for substantially larger acquisitions. Tally is principally focused on directional drilling, completion equipment, and artificial lift.
Led by CEO Chris Dorros, the firm recently completed two Texas-based acquisitions: Terra Directional Services, a full-service directional drilling company specializing in horizontal wells for shale projects throughout the United States, and Tech-Flo Consulting, a worldwide supplier of hydraulic lift systems.
Douglas L. Foshee joins Tally Energy Services as Chairman of the Board. As founder and owner of Sallyport Investments, LLC, Foshee has more than thirty years in the energy industry. He is the former chairman, president, and chief executive officer of El Paso Corporation, which owned North America’s largest natural gas pipeline system and one of North America’s largest natural gas producers prior to its merger with Kinder Morgan, Inc. in 2012, one of the largest mergers in the energy industry.
Tally Energy Services is currently seeking additional investment opportunities in US technical oilfield products and services companies with proven and sustainable business models and management teams desiring an experienced and well-capitalized strategic partner to help facilitate growth.
“Tally Energy has an important role to play in today’s dynamic oil and gas sector. As new opportunities emerge for specialized companies that have adapted to the new industry environment, we are well positioned to develop collaborative partnerships with skilled leadership teams that are prepared to build on their operational successes and are ready to drive significant growth,” said Dorros. “Our goal is to assist these companies in the achievement of their business objectives and deliver solid returns for our investors through organic growth, operational improvements and strategic acquisitions.”
The seismic shift in the global oil markets created fundamental changes for the US shale industry. The imbalance in supply and demand forced a shift from development to execution, focusing on efficiency and technology to reduce costs. Those reductions in cost are lowering shale breakevens and making the US more resilient to price declines. Tally Energy Services’ objective is to grow innovative businesses by focusing on areas most profoundly affecting success: wellbore placement, reservoir communication and bringing hydrocarbons to the surface.
About Tally Energy Services
Tally Energy Services is a private-equity backed firm focused on North America shale. With a solid buy and build strategy, the firm seeks innovative US companies in technical oilfield products and services with opportunities for growth, consolidation, and differentiation. Through strategic guidance, its pragmatic approach and operational expertise, Tally Energy drives transformation that unlocks each company’s potential with a long-term goal of achieving best-case outcomes for its businesses and investors. Tally Energy Services: www.tallyenergy.com
About Redbird Capital Partners
Founded in 2013, RedBird Capital Partners is a principal investment firm focused on transformational growth equity investments in partnership with entrepreneurs and family owned businesses. To date, the firm has led over $1.5 billion of equity investments in ten platform companies in North America. RedBird typically invests in proven business models with experienced management teams across four industry verticals: Communications; Sports, Leisure & Hospitality; Energy & Industrials; and Financial & Business Services. RedBird’s “Investing to Build” philosophy is aimed at creating long-term partnerships with entrepreneurs and family offices with the objective of building market leading businesses in the industry verticals within its domain expertise. RedBird has offices in New York and Dallas. Redbird Capital Partners: http://redbirdcap.com
About Sallyport Investments
Founded by Doug Foshee in 2012, Sallyport Investments provides capital and leadership to companies in the Upstream, Midstream and Service Sectors of the Energy Industry. The firm partners with companies in which it invests, working side-by-side with management teams to create great businesses and long-term value. By staying focused on long-term value creation, Sallyport creates superior investment returns and achieves its own financial and philanthropic goals. Sallyport Investments: http://sallyport.net