HOUSTON, TX, December 10, 2007 – Avista Capital Partners, a leading private equity firm, today announced that it has hired Trevor Turbidy as an Energy Industry Advisor.
Prior to joining Avista, Mr. Turbidy was the CEO of Trico Marine Services (“Trico”), an international provider of marine support vessel services to the offshore oil and gas industry. He led the successful turnaround of this company from a financially distressed Gulf-oriented operator to a well-capitalized, internationally-focused organization. Mr. Turbidy was recruited as Chief Financial Officer by Trico in 2003, functioned as the Chief Restructuring Officer during the company’s restructuring and subsequently was promoted to CEO after its successful completion. Prior to his service at Trico, Mr. Turbidy spent over a decade with Donaldson, Lufkin and Jenrette (“DLJ”) and Credit Suisse First Boston (“CSFB”) in their investment banking divisions, rising to the level of Director. During his tenure with DLJ/CSFB he primarily focused on the oilfield service industry and regional opportunities in the Southwest.
Steven Webster, Co-Managing Partner and President of Avista, said, “Trevor is an ideal addition to our energy practice because he has the perfect combination of deal experience from his energy investment banking days, and operational expertise from his tenure at Trico. We are excited to add Trevor to the Avista team and look forward to leveraging his strategic insight, operational and domain expertise, and extensive relationships within the energy sector.”
Mr. Turbidy added, “The decision to join Avista was a simple one: they are the highest quality private equity team in the industry and Steve is truly a visionary in the energy sector. I have had the pleasure of working with Steve and certain members of the Avista organization on numerous transactions over the last decade and am thrilled to have the opportunity to join this team and help contribute to Avista’s continued success.”
Avista has significant experience in the energy sector and has consistently demonstrated its ability to execute transactions quickly and professionally. The firm closed its inaugural $2.0 billion private equity fund in June 2007 and has committed $1.4 billion in investments in 17 portfolio companies broadly diversified in the healthcare, media, and energy industries.
Avista’s current portfolio of energy companies includes: Geokinetics, a provider of seismic acquisition and data processing services to the international oil and gas industry; Frontier Drilling, which owns and operates deepwater offshore drilling rigs and floating production vessels; Blake Offshore, which owns and operates a fleet of six offshore drilling and production units servicing the Gulf of Mexico oil and gas industry; and Celtique Energie, Laramie Energy, Manti Exploration, and Peregrine Oil and Gas, which are focused on exploration and production of oil and natural gas. In addition, while at DLJ Merchant Banking, the Avista team was significantly involved in many energy investments, including American Ref-Fuel, Basic Energy Services, Caledonia Oil and Gas, Laramie Energy, Medicine Bow Energy, Michael Petroleum, Seabulk, and TXU, among others.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with offices in New York, NY and Houston, TX. Founded in 2005, Avista manages $2.0 billion in private equity capital. Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented media, healthcare and energy companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information, visit www.avistacap.com.