TWMA undergoes restructuring post Buckthorn acquisition
Tony Branch becomes CEO after drilling waste management services company was acquired by London-based Buckthorn Partners in May this year
TWMA, a provider of drilling waste management services, is expecting its annual target turnover to rise to $265mn and the workforce to expand to 1,500, following the company’s acquisition by London-based Buckthorn Partners in May this year.
As part of an organisational restructuring, Tony Branch will expand his current role as director within TWMA, taking over from Ronnie Garrick as CEO. Garrick, according to a media statement from TWMA, assumes the role of president of the company, focussing and leading on three areas for growth: merger and acquisitions activity, new geographic expansion, and new product and technology development.
Oil and gas sector-inclined private equity investors Buckthorn acquired TWMA, which has a current turnover of $66mn, and employs about 540 personnel across offices and service bases in Europe, the Middle East, North Africa, West Africa and the Americas.
“Since the initial investment we received six months ago, the TWMA team has created robust plans, which will result in an exponential level of growth. The development of our senior management structure is a natural and positive step, which better allows us to drive those plans forward, and meet some exciting objectives,” Branch was quoted as saying in the press release.
Most recently president of Regional Operations at Weatherford, Branch brings over 25 years of experience in the global drilling sector.
With a strong presence in the Middle East and North Africa, including a new service base in Abu Dhabi, TWMA will ‘shortly announce further growth plans across the region’ and has recently appointed Mohammed Abduldayem, managing partner EROG, as the company’s Saudi Arabian agent, the statement informed.
“Since TWMA was formed in 2000, we have been committed to providing specialised technology which is utilised in everyday drilling operations, as well as for more challenging projects. The expertise and investment Buckthorn brings has allowed us to focus on the next stage of development – with a specific emphasis on acquisitions,” Garrick commented.
“Our aim is to expand both geographically and via new products and services that provide our clients with the significant financial returns to be gained from effective management of drilling waste.”