Edgeview Partners, a CIT
company, today announced that TEPSCO, L.P., a provider of
engineering/consulting, construction and maintenance solutions to the
midstream and downstream energy and industrial markets, was acquired by Bilfinger
Berger Industrial Services AG (BIS), an international industrial
services provider. Previously, TEPSCO was a portfolio company of Churchill
Equity, Inc., a Minneapolis-based private equity investment firm.
Churchill retained Edgeview to serve as its exclusive financial adviser
during the transaction. Terms of the transaction were not disclosed.
“Our experience in the energy services space
helped ensure the best outcome for Churchill Equity in their sale of
TEPSCO,” said Edgeview Managing Director Drew
Quartapella. “The transaction benefited
from the success of TEPSCO’s management team,
led by its CEO Marty Eckert and CFO Daren Austin, in building a company
with an outstanding reputation among A-list energy clients. We wish them
the very best as part of the Bilfinger Berger family.”
Marty Eckert, said, “Edgeview was selected as
our advisor based on their deep energy industry knowledge, process
expertise and relationships with a broad range of domestic and
international buyers. The Edgeview team took the time to understand our
business and correctly position the unique aspects of our story. Their
dedication of resources and commitment throughout the process ensured an
attractive outcome through a partnership with a leading European
industrial services company that will help to accelerate our growth
plans at TEPSCO.”
Securities and investment banking services were provided through CIT
Capital Securities LLC, an affiliate of Edgeview Partners.
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About Bilfinger Berger AG
Bilfinger Berger AG (www.bilfingerberger.com),
headquartered in Mannheim, Germany, is an international construction and
services group. The company delivers comprehensive solutions in Germany
and international markets in the areas of real estate, infrastructure
and industrial services. Its business activities range from consulting,
development, design, financing and turnkey construction, through to
maintenance and operation. Bilfinger Berger Industrial Services AG (www.bb-industrialservices.de/en)
offers a wide range of services for the construction and maintenance of
industrial plants and equipment, including new construction, plant
extensions and conversions, modernization and repair services.
About Churchill Equity, Inc.
Churchill Equity, Inc., formerly Churchill Capital, is an independent
provider of equity investment capital for middle market companies. Since
its founding in 1989, Churchill has focused on the middle market,
investing over $558 million of equity capital in a diverse portfolio of
over 30 different companies operating in over 20 industries. www.churchillequity.com
About Edgeview Partners
Edgeview Partners is a leading investment bank focused exclusively on
the middle market. Edgeview has closed deals in over 15 industry
sectors, including aerospace and defense, building products, business
services, consumer products, diversified manufacturing, energy services,
health care, and transportation and logistics. Edgeview is part of CIT,
a leading provider of finance solutions for companies throughout the
middle market. www.edgeviewpartners.com
About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $70 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
CIT MEDIA RELATIONS
C.
Curtis Ritter, 212-461-7711
Director of External Communications &
Media Relations
curt.ritter@cit.com
or
Edgeview
Partners
Tim Whitmire, 704-602-3904
whitmire@edgeviewpartners.com
or
CIT
INVESTOR RELATIONS
Ken Brause, 212-771-9650
Executive
Vice President
ken.brause@cit.com
