Probe Announces Strategic Investment
Probe Technologies Holdings, Inc.(“Probe” or the “Company”), leading supplier of logging and reservoir monitoring technology to the global oil and gas and geothermal industries, announced that Turnbridge Capital has completed a growth recapitalization of the Company alongside its experienced management team. Federico Casavantes continues leadership of the Company as its President & Chief Executive Officer, while Gary Cresswell has joined to serve as Executive Chairman of Probe. Together with expanded financial and strategic resources, Probe is in a strong position to accelerate expansion of its product lines and increase its penetration in global markets.
“We are extremely excited to welcome Turnbridge as our capital partner," said Mr. Casavantes. "This strategic partnership allows us to commercialize key product development projects more rapidly, while maintaining our focus on meeting – and exceeding – the needs of our expanding customer base. Our commitment to offering intelligent technology and reliable solutions is central to our philosophy and long-term success. This investment ensures that Probe is better equipped to expand its position as a leading technology supplier across a variety of important end markets. We are also delighted that Gary Cresswell has joined our team, and look forward to working with him as we grow our market presence and delivery capabilities.”
Mr. Cresswell added, “I am very excited to be joining the Probe team in this capacity. During my more than two decades in the wireline logging, completions and reservoir monitoring sectors, I have known and respected this Company. I am fortunate to have interacted with Probe’s founders in its earliest days, its expanding management team and Board through two decades of its growth, as well as many of its present leaders. With a strong capital base behind us, we are in an excellent position to serve the needs of our global customers, all of whom are in need of innovation to drive performance in a challenged backdrop for the customers they, in turn, serve. The Probe organization is strong and poised to grow, and we stand ready to meet the needs of our sector.”
Financial terms of the transaction were not disclosed.
Established in 1994, Probe is widely acknowledged as a leading specialist cased hole logging and reservoir monitoring technology supplier to oilfield services companies around the world. Headquartered in Houston, Probe operates through its extensive network of global representatives and technology and support centers in North America, Latin America, Europe, the Middle East, North Africa and Asia. For more information on Probe and its product portfolio, visit www.probe1.com.
About Turnbridge Capital
Turnbridge Capital is an energy-focused private equity firm with offices in Dallas and Houston, Texas. The firm typically invests alongside experienced management teams in companies that provide products and services to the upstream, midstream, downstream, and other energy-related infrastructure segments. For more information on Turnbridge, please visit www.turnbridgecapital.com.
For more information, contact:
Federico Casavantes President & CEO Probe Technologies Holdings, Inc.