Tidewater Logistics, Leader in Frac Sand Logistics, Announces Investment by Funds Affiliated with Apollo Global Management
February 15 2018 - 9:00AM
Business Wire
Capital will fund pipeline of new customer and
expansion opportunities
Tidewater Logistics Corporation (“Tidewater Logistics” or the
“Company”), today announced the acquisition of a majority interest
in the Company by certain funds managed by affiliates of Apollo
Global Management, LLC (NYSE: APO) (together with its consolidated
subsidiaries, “Apollo”). The Tidewater Logistics team, led by its
Founder and President Scott Spence, will be joined by Scott Prince
as the Company’s newly-appointed Chief Executive Officer. Mr.
Prince previously served as CEO of Pilot Thomas Logistics, a
leading energy and industrial fuels and lubricants distributor.
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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’ supply chain
professionals offer complete solutions for frac sand operations,
leveraging the Company’s owned and operated transload network, and
its proprietary cloud-based supply chain management infrastructure
with market leading scheduling, tracking, reporting and control
capabilities. The Company strives to simplify the challenge of
managing sand, while eliminating excess cost and non-performing
time for its customers. The Company delivers both discrete services
as well as its integrated End-to-End Sand Supply Chain Management
outsourced solution, in which Tidewater Logistics delivers
optimized alignment, real time visibility and consolidated
invoicing across all frac sand activities.
“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 Mr.
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 Mr. 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.”
About Tidewater Logistics CorporationTidewater Logistics
Corporation, headquartered in Fort Worth, Texas, is a logistics
services company focused on providing specialized logistics and
operational services to the frac sand market. Tidewater
Logistics’ dedicated team delivers superior service as an integral
part of its customers' supply chains. Tidewater Logistics is
committed to its Five Core Values of: Safety, Environment, Quality,
Customer Service, and Reliability. The Company’s services include
Direct and Bulk Storage Transloading, Terminal Operations, Last
Mile Logistics and Full Supply Chain Management. As part of its
Full Supply Chain Management solution, the Company is responsible
for delivery and alignment of all “mine-to-well” activities and
providing its customers with visibility and control in a single
solution.
Tidewater Logistics operates across the major U.S. shale basins.
Operations are integrated by a central cloud-based management
system, which enables the Company’s supply chain team in Fort Worth
to manage all rail, transload and truck activity with real time
data; run customizable reports for inventory management, operations
or accounting; and process billing through the BOL download
center.
For more information about Tidewater, please visit
www.tidewater-logistics.com.
About Apollo Global Management, LLCApollo is a leading
global alternative investment manager with offices in New York, Los
Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt,
Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and
Shanghai. Apollo had assets under management of approximately $249
billion as of December 31, 2017 in private equity, credit and real
estate funds invested across a core group of nine industries where
Apollo has considerable knowledge and resources. Apollo’s team has
extensive experience investing in the Natural Resources industry
and, since 2001, certain of Apollo’s private equity funds, have
invested or committed to invest approximately $12.2 billion in 34
natural resources-related opportunities (as of September 30, 2017).
Greg Beard, Apollo’s Head of Natural Resources, leads a team of
approximately 20 private equity professionals focused on
identifying value-oriented corporate carve-outs, asset
acquisitions/build-ups and distressed investments across the energy
and metals and mining markets globally. For more information about
Apollo, please visit www.agm.com.
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For Tidewater:Tidewater
Logistics855-718-9564information@twlog.comorFor investor
inquiries regarding Apollo:Apollo Global Management, LLCGary M.
Stein, 212-822-0467Head of Corporate
Communicationsgstein@apollolp.comorNoah Gunn, 212-822-0540Investor
Relations Managerngunn@apollolp.comorFor media inquiries
regarding Apollo:Rubenstein Associates, Inc. for Apollo Global
Management, LLCCharles Zehren,
212-843-8590czehren@rubenstein.com
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