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Turner Acquires Infrastructure Financial Services Firm Ark Capital Holdings

March 11, 2019, 07:00 AM
Filed Under: Mergers & Acquisitions

Turner Valley Oil and Gas, Inc. (TVOG) announced it has completed an agreement to acquire infrastructure-focused financial services firm, Ark Capital Holdings, LLC.

Ark is expanding its business with a concentrated focus in infrastructure that includes project financing, equipment financing, investment placement, asset management, business brokerage and other financial services segments within the infrastructure markets. TVOG anticipates that this strategic acquisition will allow it to further integrate to provide total solutions to the infrastructure industry. In this regard, TVOG is in the process of acquiring multiple companies within the infrastructure markets that will make TVOG a fully operating, revenue-producing company.

Ark CEO Mario Fichera said, “We are very excited about this transaction which will assist Ark Capital Holdings in implementing our business plan while also bringing expertise to Turner’s technology-forward infrastructure initiative. We look forward to joining with Turner to create a first-class leader in the infrastructure markets.”

The acquisition of ACH and its main subsidiary, Richfield Orion International, Inc. (ROI), is unique in the sense that ROI is already an SEC-audited company and therefore will not require the longer-term closing process some of Turner’s other acquisitions require. The transaction is based on a 100 percent stock-for-stock exchange with a comprehensive investment plan to unlock value and increase shareholder return on investment which will likely allow a quicker closing.

ACH and its subsidiary ROI have historically had an annual run-rate of $1.2 million and are currently on track to move to a $2 million in revenue run-rate for the year 2019. With this transaction and in conjunction with Turner’s other impending acquisitions, Ark’s management feels as if those numbers can be increased substantially. ROI currently has assets under management in excess of $15 million and is undergoing several bolt-on acquisitions which is expected to expand that to $25 million in the near-term.

Steve Helm, CEO of TVOG, commented, “This transaction brings financial expertise, resources and a strong value proposition to the industry while adding revenue, profitability and significant growth metrics. We welcome Ark and its expert management to our team and are excited to work on further integrating within the infrastructure markets.”

TVOG is a provider of innovative infrastructure solutions, services and differentiated infrastructure-related technologies to the U.S. infrastructure industry.

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