HOUSTON, Sept. 24, 2015 /PRNewswire/ -- Thigpen Energy ("Thigpen", or "the Company") today announced the re-launch of the Thigpen Energy brand. Effective October, 1, 2015, Thigpen Energy will be spun out of TRF Energy Solutions and will become a stand-alone portfolio investment for Intervale Capital.
In March 2015, Thigpen Energy's management team decided to change its market focus to industrial and pipeline integrity projects requiring large scale portable fueling solutions, and reallocate resources away from the E&P fueling market. This strategic realignment proved to be timely, as the fueling services business at Thigpen has grown tenfold in just six months. As a result of this momentum, the Board of Directors agreed to spin Thigpen Energy out of the TRF Energy Solutions holding company as a stand-alone portfolio investment in order to provide more robust capital support for the steady growth of the business.
Coincident with the timing of this spin off strategy, Sam Thigpen, Founder and CEO of Thigpen Energy, will transition from his operational role and join the company's Board of Directors to provide continued strategic guidance, customer insight and corporate governance. Jim Schauer, previously Senior Vice President Marketing & Sales, will assume the role of President and CEO effective October 1, 2015.
Mr. Schauer's 13 years of experience in natural gas pipeline integrity and gas utility operations provides Thigpen Energy a solid foundation of management capability and expertise in the company's target markets.
In addition to moving up to the Thigpen Energy Board of Directors, Sam Thigpen will also be engaging in a new opportunity with Chart Industries, Inc. (Nasdaq:GTLS) Energy and Chemicals business unit. Mr. Thigpen has accepted a role as Vice President and General Manager of Lifecycle Products and Services. This new role will allow him to apply an industry recognized management style to the development of a new service division within the Chart E&C business.
Sam Thigpen said: "The re-launch of the Thigpen Energy brand marks an exciting new chapter in the company's evolution. Jim has been instrumental in building our core business targeting the utilities, industrial and pipeline markets, and I cannot think of anyone more qualified to maintain Thigpen Energy's quality of service commitment and grow the business consistent with the ideals and principles that are the foundation of our corporate reputation and brand."
Jim Schauer added: "Thigpen Energy's positive corporate reputation is based on its ten-year track record of delivering reliable, effective and robust solutions to utilities, pipelines and industrial customers. The spin-out solidifies our commitment to our most important markets. Our team is motivated to build on this foundation of service excellence, which is a vital part of our differentiated offering. We are fortunate to have Sam on the Board, as his guidance, perspective and market insight will be instrumental to facilitating our corporate development as we grow."
About Thigpen Energy
Thigpen Energy, founded in 2005, is a leader in providing LNG virtual portable pipeline solutions to deliver mission critical natural gas to industrial, utility and pipeline customers, and also provides fueling solutions for drilling, pressure pumping and other remote oilfield operations. We provide the most comprehensive natural gas fueling solutions in North America and offer a complete 100% turnkey solution, with every aspect managed by our experienced teams. Thigpen Energy's safety culture is based on extensive training for new hires and ongoing daily, weekly and monthly safety training events to ensure that safety is not an afterthought, but an instinct and a vital part of how we deliver our solutions.
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SOURCE Thigpen Energy