Knox Capital Creates TRS Global upon Closing Two Transactions
Knox Capital Holdings, in partnership with Tuckerman Capital, announced it has closed two transactions simultaneously to form TRS Global: a majority recapitalization of TRS Services, and the acquisition of the stock of PAS Technologies Ireland (PAS Ire), creating a unique, global platform in the industrial gas turbine industry. No terms of either transaction were disclosed.
Houston, TX-based TRS is a North American leader in the repair and maintenance of stationary components for heavy industrial gas turbines, combining customized service with a commitment to quality and turn times that are superior to the competition.
Cork, Ireland-based PAS Ire was owned by PAS Technologies, Inc., a global OEM and MRO components solutions provider that primarily services the aerospace and oil and gas industries. PAS Ire is dedicated to the industrial and commercial gas turbine industry, focused on providing source-approved, licensed repairs for heavy and light industrial, aero-derivative and aerospace gas turbines for many of the industry’s leading OEMs, including GE, Siemens, and Rolls Royce among others. Post-closing, PAS Ire will be renamed Turbine Repair Services Global Ireland, Ltd., doing business as TRS Global Ireland.
An experienced and successful entrepreneur in the industrial gas turbine industry, David Theis was the founder, president and CEO of Leading Edge Turbine Technologies, which at the time of its acquisition by Dresser-Rand in 2010 was one of the largest independent gas turbine repair firms in the industry. Most recently, Theis served as SVP of Sales at PAS Technologies, owned by KRG Capital, where he led the company’s global sales organization.
In support of the transaction, Tuckerman Capital invested alongside Knox Capital. Nick Russell, partner at Tuckerman Capital, added, “The investment in TRS Global reflects our strategy of partnering with strong operators and value-added deal partners. We are very enthusiastic about the opportunity to work with Mr. Theis and the Knox Capital team to build a leading participant in the industrial gas turbine industry.”