LT Energy Services ("LT") is a leading provider of mobile housing accommodations, surface rental items & services in the oil and gas industry. Headquartered in Houston, TX, LT provides turnkey housing solutions, pumps, light towers, generators, and other surface rental items for three phases of the drilling process: (i) drilling, (ii) production and (iii) coil tubing / work over services.
LT was founded in 2008 by father and son team, Scott and Thomas Smith. Thomas Smith had worked as a regional manager for another provider of housing accommodations in the Haynesville Shale and saw a need in the marketplace for a provider that could deliver a higher level of service. Keeping an active rig drilling is a critical focus for oil and gas operators, and Thomas Smith believed he could provide a higher level of service that would help ensure rig uptime. Thomas partnered with his father to launch his own venture and began providing services to some of the leading exploration and production companies in the region.
In 2011, LT began to look at expanding into other geographic regions including South Texas and Western Oklahoma. In order to facilitate such an expansion, Thomas and his father recognized they would need a partner to provide additional capital, expertise, and strategic relationships. LT chose to partner with Transition Capital Partners because of our long history in scaling fast growing companies at this stage of their evolution.
As a part of the original acquisition, TCP augmented the existing management team with a highly experienced CEO and CFO, both of whom had historically managed larger organizations. TCP also provided the resources and expertise to install a number of new systems at the core of the Company including a new inventory management system, asset tracking system, and more sophisticated general ledger package. These systems have dramatically increased the visibility, accountability and efficiency at the Company. TCP also helped facilitate key strategic relationships to assist the Company as it launched into new geographic markets along with providing the capital to expand into those markets.