Posted 7/21/15 (Tue)
By John D. Taylor
Gibson Energy’s President of U.S. Operations, Brian Recatto, stood in the hallway of T&R Transport Tuesday afternoon last week, joking with the T&R management team, some drivers and Ross “Chico” and Tonia Eriksmoen, T&R’s owners.
Recatto came to Crosby to begin the steps in what he sees as a long transition period in Gibson’s purchase of the trucking company the Eriksmoens built from a single semi-truck in 2008 into a fleet that, at its zenith, had as many as 185 trucks hauling water and oil field services.
Recatto called Gibson’s acquisition of T&R a “great fit.”
Those in the room formed a natural circle and were laughing, joking with each other, like they’d known each other for a long time.
Recatto said Gibson first became interested in T&R when the two companies crossed trails at a Gibson waste facility in the Williston Basin.
From there, Gibson’s desire to grow “organically,” according to Recatto, put the two companies on a collision course, and they began circling each other, vetting each other, to find out if a deal could be made.
“We’re a Houston-based company, traded on the NYSE and in Canadian markets, with other assets in the Williston Basin,” Recatto said. “Our first acquisition here was WISCO, in Williston.”
WISCO remains one of the largest oil field service companies in the Williston Basin.
T&R Transport is Gibson’s second acquisition, Recatto said.
“We love the area and we’re committed to the community. And the chemistry here is great, this is a good fit for us. We like the way the company works. We love the management team – they’re entrepreneurial, just like we are. And we’re having a good time. This is a complete package,” said Recatto.
He declined to disclose any financial details of the purchase.
Recatto sees T&R complimenting Gibson’s waste division, offering its client base more options. For 60 years, Gibson has been providing “midstream” services to the energy industry.
The company, according to Recatto, who referenced the company website, has an “extensive network of infrastructure assets” across North America and is involved in five “integrated business segments.”
Gibson’s main focus is the “transportation, storage, blending, processing, marketing and distribution of crude oil, condensate, NGLs and refined products.” Along with this, the company provides emulsion treating, water disposal and oilfield waste management services in both Canada and the U.S.
Gibson is also Canada’s second largest retail propane distributor.
For the future, Recatto sees the company continuing to grow. He said the company is looking at acquiring additional Bakken region units, particularly a Watford City disposal facility. He also anticipates a larger yard for T&R.
However, for Crosby, for the community, Gibson’s acquisition of T&R will mean “nothing different,” Recatto said.
“There will be no changes,” Recatto said. “We like the team, we intend to support the community in the same way, we have a history of doing this wherever we go.”
The official transfer of T&R to Gibson took place July 1. Recatto said the real transition would take much longer.
“We need to work with the local management to develop a process,” Recatto said, “and the branding, you just don’t flip a switch to have this happen.”
Chico Eriksmoen said he is also happy with the deal.
“One of the reasons we went ahead with this was that the company offered the same track for our employees,” Eriksmoen said. “This was a huge issue with us. We want our employees to have success with company. We didn’t want to sell out to a private equity investment group.”
“This is a good culture,” Recatto said. “It’s all about the people.”