HOUSTON, Jan. 31, 2013 /PRNewswire-iReach/ -- Steve Ross, who will serve as President and CFO, today announced the formation and capital funding of Equipment Sourcing Group, LLC. The Company, headquartered in Houston, will provide energy and transportation related companies a single acquisition, rental, leasing and consulting source for all of their heavy equipment needs. ESG strives to make the acquisition and integration of equipment for major companies seamless and proficient while providing total support where and when it is needed. Typical types of equipment to be sold and rented by ESG will include excavators, bulldozers, wheel loaders, motor graders, scrapers, skid steers, backhoes, cranes, truck-mounted cranes, railcar movers, telehandlers, articulated dump trucks, and medium and heavy duty trucks.
Ross, who was with Mustang CAT in Houston for over eighteen years, stated, "With our funding effort completed, our team, which has been involved in the heavy equipment business for the past several decades, is excited about the opportunity to streamline the procurement process for major energy-related companies while providing needed equipment management and consulting services. Since ESG is not affiliated with any dealership or manufacturer, a broad range of manufacturers and products will be utilized with an unbiased approach and a greater emphasis on promptly meeting the customers' needs."
Adobe Equity Group, LLC, based in San Antonio, acted as financial advisor to the Company, arranging debt and equity capital and bank lines of credit. Robert W. Latimer, CEO and Managing Partner of Adobe Equity Group, stated "We are pleased to assist ESG with their financial needs. We believe that the Company will be a successful enterprise due to its experienced management and sales team, the number of multi-national energy companies headquartered in the Houston area, and the explosive equipment needs created by the active shale plays throughout the U.S."
ESG will utilize its contacts and resources in Houston to serve multi-national companies that have a wide range of equipment needs. Houston is regarded as the U.S. energy headquarters with more than 3,700 energy-related companies located within Houston Metro and is home to 45 of the nation's 145 publicly traded oil and gas firms, including 11 of the top 25.[i] The Port of Houston will be one target area for equipment sales and support. It is the busiest port in the United States in terms of foreign tonnage, second-busiest in the United States in terms of overall tonnage, and thirteenth-busiest in the world.[ii] The Company will also target the various oil and gas plays around the country, specifically the Eagle Ford Shale in South Texas. Recent estimates show $115 billion will be spent in the Eagle Ford over the next three years.[iii] Significant amounts of equipment, including wheel loaders, backhoes and telescopic handlers, are required in the Eagle Ford and other rich shale plays around the country.
ESG has hired Chris Culifer and Terry Foster to serve as Vice Presidents of Sales. Chris Culifer brings 35 years of equipment industry experience focusing on a wide range of industries including energy, manufacturing, waterfront and warehousing. Chris joins ESG from Stewart & Stevenson. Previously he spent 27 years with Adobe Equipment (formerly Mustang Industrial Equipment – Caterpillar) where he held sales and special project roles. As a specialist in developing and implementing solutions that improve operational outcomes for his clients and a commitment to customer service, he has built relationships that have lasted over 20 years. Terry Foster joins ESG after spending the past nine years with Stewart & Stevenson as a National Account Sales Representative and Adobe Equipment as a Territory Manager. Terry has built a reputation as a "go-to partner" in solving problems that arise within his customers' operations. His broad base of relationships in the industrial sector has given him the experience necessary to work on all types of projects both domestically and internationally.
ESG is headquartered at 908 Town & Country Blvd. Suite 120, Houston, TX 77024.
[i]"Energy Industry Overview." Houston.org, 16 Oct 2012. Greater Houston Partnership. web. 23 Jan 2013.
[ii] "Overview." PortofHouston.com, 2012. Port of Houston Authority of Harris County, Texas. web. 23 Jan 2013.
[iii] Mackenzie, Wood. "Study: Total Eagle Ford CAPEX to Reach $28 Billion in 2013." RigZone.com, 6 Dec 2012. web. 23 Jan 2013.
SOURCE Equipment Sourcing Group, LLC