Knox Capital, in Partnership with CEO David Theis and Tuckerman Capital, Creates TRS Global with the Closing of Two Transactions

Knox Capital Holdings, LLC (“Knox Capital”), in partnership with experienced industry entrepreneur and CEO David Theis and Tuckerman Capital, announced it has closed two transactions simultaneously to form TRS Global, LLC (“TRS Global”): a majority recapitalization of TRS Services, LLC (“TRS”), and the acquisition of the stock of PAS Technologies Ireland Limited (“PAS Ire”), creating a unique, global platform in the industrial gas turbine industry. No terms of either transaction were disclosed.

Headquartered in Houston, Texas, 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.

Headquartered in Cork, Ireland, 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, Mr. 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 Senior VP of Sales at PAS Technologies, Inc., owned by KRG Capital, where he led the company's global sales organization.

Theis said, “Having worked with the leadership of both companies over the course of my career, there is a great deal of both comfort and renewed excitement in building a global industrial and commercial gas turbine repair company, leveraging our platform’s portfolio of capabilities to address a broad spectrum of end user and OEM needs.”

Alex Gregor, Founder and Principal at Knox Capital, said, “The creation of TRS Global is the result of a focused effort in developing and executing on an industry thesis in partnership with Mr. Theis, and we’re excited to work alongside Dave to build a unique platform.”

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.”

About Knox Capital

Knox Capital is a private investment firm headquartered in Chicago, IL. Knox Capital invests in middle-market founder- and family-owned companies that hold fundamental value but require a collective mix of operating and capital resources to accelerate growth. To support our operating-driven investment strategy, Knox Capital is supported by a select group of the country’s leading family offices and flexible capital providers, and takes a long-term view on building foundational value in its investments.

About Tuckerman Capital

Tuckerman Capital invests in niche manufacturing and industrial service companies. Based in Hanover, NH and founded in 2001, Tuckerman Capital invests across the capital structure of its portfolio companies in partnership with independent private equity investors and operating executives.

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Contact information

TRS Global
David Theis, 281-881-0803