DENVER, July 22, 2019 /PRNewswire/ -- Sure Shot
Holdings, LLC, the parent company of Sure Shot Drilling,
announced today the acquisition of four Colorado-based utility service companies:
DrillTech Directional Services, Pinnacle Development, BAS Rentals,
and A to Z Cable Construction.
"The combination of these businesses supports our strategy of
increasing value by providing integrated services to our
customers. The merged operations will result in better
coordinated, executed, and lower cost services," said
Rick Barrett, Sure Shot Holdings
CEO.
DrillTech Directional Services, Inc., now known as DrillTech,
LLC, is a market leading horizontal directional drilling company.
It was founded by Leighton and Cliff
Cartwright, both of whom will continue to oversee the
business as part of the acquisition. "We are excited to be a
part of this new organization and see this as an opportunity to
take our company to the next level while maintaining our
family-oriented culture and legacy," said Leighton Cartwright.
Pinnacle Development, Inc (PDI), is another leading directional
drilling company serving the telecommunications and municipal
markets. PDI was founded by Rick
Allison, who will remain on as President of the successor
company, PDI, LLC. Rick
Allison added, "We now have the largest fleet of rigs in
the State and the ability to keep up with the growing demand of our
customers."
BAS Rentals Inc., a traffic control design and maintenance
company, is merging with A to Z Cable Construction, an
infrastructure support services firm, to form A to Z Field
Services. The merged company will be led by Leonard Sanderson, a long-term manager involved
with the business.
About Sure Shot Holdings
Sure Shot Holdings was formed in 2015 to develop a leading
underground utility services company pursuing strategic
acquisitions in the telecommunications, power, and gas distribution
markets. Sure Shot Holdings is a joint investment between Diamond
State Ventures, Banyan Investment Partners, Asydan Capital
Management and Post Road Group and is led by former Blackeagle
Energy Services CEO, Rick Barrett.
To date, Sure Shot Holdings has completed five acquisitions of
businesses supporting major telecommunications carriers, large
public EPC companies, and one of the nation's largest utility
owners.
About Diamond State Ventures
Founded in 1999 with its first fund, Diamond State Ventures is a
licensed Small Business Investment Company ("SBIC") engaged in
providing debt and equity financing to lower middle-market
companies across the United
States. With approximately $225
million in invested and committed capital across three
funds, DSV will participate in a variety of transactions including
growth/expansion financings, recapitalizations and buyouts.
Importantly, DSV seeks to invest in exceptional businesses managed
by extraordinary people who possess a record of achievement,
integrity and determination.
About Banyan Investment Partners
Banyan Fund, L.P. was founded in 2002 to provide mezzanine
capital to smaller middle-market companies headquartered primarily
in the Southeastern United States.
Mezzanine capital is used to supplement a company's debt capacity
beyond banks' credit limitations and is a substantially cheaper and
less dilutive alternative to equity financing. We strive to
contribute beyond the capital we provide to our clients, by
entering into a close partnership arrangement with management teams
coupling high integrity with a desire to build substantial
enterprise value.
About Post Road Group
Post Road Group is a private investment firm based in
Stamford, CT. Post Road's special
opportunity investment team executes debt and equity investments in
primarily tech, media, telecom, and other tech-enabled business
services companies. Since its founding in 2017, the team has
invested over $500 million in its
target industries, and is currently investing out of Special
Opportunity Fund I. To learn more, please visit
postroadgroup.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sure-shot-holdings-acquires-four-utility-service-companies-300889113.html
SOURCE Sure Shot Holdings, LLC