Portfolio companies prior to 2020
Healthcare
Healthcare:
Century Healthcare Corporation. Prior to starting Black Gold, Kevin took over as President of a Tulsa based chain of 12 child and adolescent psychiatric hospitals in 7 states, with over $100,000,000 in annual revenue and almost 1,000 employees. At the time Kevin took over, the Company was in a distressed situation. He made significant organizational changes that resulted in several hundred layoffs, hospital closures, sale of assets, and debt and equity restructuring.
Kevin also facilitated centralized collections of insurance and corporate payees and an overall restructuring of IT that reduced by 50% the DRO (Days Reconciled Outstanding). He subsequently developed several exit strategies for the owners and ultimately negotiated the sale of the Company to Columbia Hospital Corporation/HCA at a significant profit, simultaneously relieving the owners of almost $50MM of debt guarantees.
Health Finance, LLC. Black Gold formed Health Finance with two other financial partners to purchase a group of operating child and adolescent psychiatric facilities located in Houston, Phoenix, Tulsa and Oklahoma City. They purchased the notes from the New York bank, and took over the company. These hospitals were operated on a short term basis and then re-sold on a very profitable basis to healthcare companies with child and adolescent operations in those markets. Kevin was responsible for financing and acquisition/disposition transactions and was involved with operations performed by on-site management in these markets.
Linen King, LLC. Black Gold and two operating partners purchased a financially troubled commercial laundry operation in the Tulsa area in the late 90’s from ServiceMaster, a Fortune 500 company, and utilized this turnaround operation as the foundation for forming a chain of successful commercial healthcare laundries. The company specializes in healthcare linen and has a current capacity in excess of 50 million pounds per year. In 2005 they built a state of the art 30,000 square foot facility in Oklahoma City. The Company later acquired two (2) hospital based laundries in Arkansas, one in Wichita, and then built a 50,000 square foot facility in Columbia, Missouri to serve hospitals in Kansas City and St. Louis, as well as numerous secondary cities. See Linen King’s 2021 update here: LinenKing2021
The Company’s goal was to establish additional operations in other cities, either though greenfield start-ups, acquisitions, or mergers. Black Gold’s two operating partners ran the business; Kevin served as the CEO and then as Chairman of the Board. His involvement was in the financial, legal, strategy, marketing, and policy areas of the business, and he was charged with acquisition and investment responsibilities as well as construction and retrofit activities.
Black Gold led the sale of 85% of the Company to Clairvest, a $3 Billion Canadian Private Equity firm that made an unsolicited offer to buy the operations in 2011. After Clairvest determined the operations were not a fit for a platform to perform linen services for their large portfolio of casino and hotel operations, the Company reaquired its stock in 2015, and later sold to another PE firm, at which time Black Gold sold their stock. The company remains headquartered in Tulsa, with Leonard McCullough, one of the original founders, running the company. Thelinenking.com
Virtual Innovative Practice Systems (VIPS). Based in Dallas, VIPS is a dental practice model designed to respond to the current practice trends of specialization, consolidation of overhead, and the industry acceptance of mobile practitioners. Black Gold was retained to assist VIPS, and Kevin served as the initial CEO to build a delivery system similar to a franchise concept around licensing, training, and service delivery. Black Gold later sold their interest, and helped source an industry CEO to take over operations.
VIPS built on the practice model of and outstanding dentist that has built an extremely lucrative mobile practice focused exclusively on IV sedation and extractions in Dallas over the last 20 years. Most general practitioners no longer are comfortable doing other than the basic extractions, and are not licensed for IV conscience sedation. Black Gold was retained to assist VIPS, and Kevin served as the initial CEO to build a delivery system similar to a franchise concept around licensing, training, and service delivery. Black Gold later sold their interest, and helped source an industry CEO to take over operations.
Service King. An affiliate of the Linen King Companies, Service King was formed for the purpose of marketing janitorial, distribution, and housekeeping services to major hospitals and medical centers. This company operates in Oklahoma and Arkansas as an affiliate of Linen King.
Retirement Facilities, Nursing Homes.
Black Gold has facilitated the financial turnaround and stabilization of three retirement facilities in Oklahoma and Arkansas, including the 300 resident University Village formerly associated with Oral Roberts University and Greentree, a newly built facility in Sand Springs, Oklahoma. These involved equity capitalization, physical plant rehabilitation, licensing and environmental issues, and restructuring with Banks. In one instance, Black Gold facilitated the sale and transfer of licenses to a new buyer. These facilities including the entire continuum of care, ranging from independent living, assisted living, and skilled nursing homes.
Real estate
Real Estate Financing and Development:
Century Healthcare Corporation. Prior to starting Black Gold, Kevin took over as President of a Tulsa based chain of 12 child and adolescent psychiatric hospitals in 7 states, with over $100,000,000 in annual revenue and almost 1,000 employees. At the time Kevin took over, the Company was in a distressed situation. He made significant organizational changes that resulted in several hundred layoffs, hospital closures, sale of assets, and debt and equity restructuring.
Kevin also facilitated centralized collections of insurance and corporate payees and an overall restructuring of IT that reduced by 50% the DRO (Days Reconciled Outstanding). He subsequently developed several exit strategies for the owners and ultimately negotiated the sale of the Company to Columbia Hospital Corporation/HCA at a significant profit, simultaneously relieving the owners of almost $50MM of debt guarantees.
Health Finance, LLC. Black Gold formed Health Finance with two other financial partners to purchase a group of operating child and adolescent psychiatric facilities located in Houston, Phoenix, Tulsa and Oklahoma City. They purchased the notes from the New York bank, and took over the company. These hospitals were operated on a short term basis and then re-sold on a very profitable basis to healthcare companies with child and adolescent operations in those markets. Kevin was responsible for financing and acquisition/disposition transactions and was involved with operations performed by on-site management in these markets.
Linen King, LLC. Black Gold and two operating partners purchased a financially troubled commercial laundry operation in the Tulsa area in the late 90’s from ServiceMaster, a Fortune 500 company, and utilized this turnaround operation as the foundation for forming a chain of successful commercial healthcare laundries. The company specializes in healthcare linen and has a current capacity in excess of 50 million pounds per year. In 2005 they built a state of the art 30,000 square foot facility in Oklahoma City. The Company later acquired two (2) hospital based laundries in Arkansas, one in Wichita, and then built a 50,000 square foot facility in Columbia, Missouri to serve hospitals in Kansas City and St. Louis, as well as numerous secondary cities.
The Company’s goal was to establish additional operations in other cities, either though greenfield start-ups, acquisitions, or mergers. Black Gold’s two operating partners ran the business; Kevin served as the CEO and then as Chairman of the Board. His involvement was in the financial, legal, strategy, marketing, and policy areas of the business, and he was charged with acquisition and investment responsibilities as well as construction and retrofit activities.
Black Gold led the sale of 85% of the Company to Clairvest, a $3 Billion Canadian Private Equity firm that made an unsolicited offer to buy the operations in 2011. After Clairvest determined the operations were not a fit for a platform to perform linen services for their large portfolio of casino and hotel operations, the Company reaquired its stock in 2015, and later sold to another PE firm, at which time Black Gold sold their stock. The company remains headquartered in Tulsa, with Leonard McCullough, one of the original founders, running the company. Thelinenking.com
Virtual Innovative Practice Systems (VIPS). Based in Dallas, VIPS is a dental practice model designed to respond to the current practice trends of specialization, consolidation of overhead, and the industry acceptance of mobile practitioners. Black Gold was retained to assist VIPS, and Kevin served as the initial CEO to build a delivery system similar to a franchise concept around licensing, training, and service delivery. Black Gold later sold their interest, and helped source an industry CEO to take over operations.
VIPS built on the practice model of and outstanding dentist that has built an extremely lucrative mobile practice focused exclusively on IV sedation and extractions in Dallas over the last 20 years. Most general practitioners no longer are comfortable doing other than the basic extractions, and are not licensed for IV conscience sedation. Black Gold was retained to assist VIPS, and Kevin served as the initial CEO to build a delivery system similar to a franchise concept around licensing, training, and service delivery. Black Gold later sold their interest, and helped source an industry CEO to take over operations.
Service King. An affiliate of the Linen King Companies, Service King was formed for the purpose of marketing janitorial, distribution, and housekeeping services to major hospitals and medical centers. This company operates in Oklahoma and Arkansas as an affiliate of Linen King.
Retirement Facilities, Nursing Homes.
Black Gold has facilitated the financial turnaround and stabilization of three retirement facilities in Oklahoma and Arkansas, including the 300 resident University Village formerly associated with Oral Roberts University and Greentree, a newly built facility in Sand Springs, Oklahoma. These involved equity capitalization, physical plant rehabilitation, licensing and environmental issues, and restructuring with Banks. In one instance, Black Gold facilitated the sale and transfer of licenses to a new buyer. These facilities including the entire continuum of care, ranging from independent living, assisted living, and skilled nursing homes.
Technology
Technology:
Excel Energy Technologies, Ltd. Prior to forming Black Gold, Kevin co-founded and served as President and CEO of this start up. Excel was an energy management technology company founded by Kevin and Paul Hildebrand, the technology developer. The Company was sold to The Williams Companies of Tulsa. Excel was capitalized with three million dollars in stock sales to Merrill Lynch, Public Service Company of Oklahoma (PSO/AEP), and other private investors. Kevin was responsible for marketing, business development, finance, and overall corporate direction. He developed and negotiated joint venture relationships and pilot programs with 12 gas and electric utilities across the country, and developed incentive-based energy service programs with State PUC’s (Public Utility Commissions). These were developed to take advantage of DOE mandates and other regulatory and tax-based incentives to incent energy conservation and KW demand reduction; the Company was sold to The Williams Companies of Tulsa.
Excel Energy Technologies, Ltd…….Leveraged Buy Out (LBO). After running the company inside of the Williams Company for two years, Kevin left to form Black Gold. Black Gold put together an LBO to re-acquire Excel when The Williams Companies decided to exit the retail energy industry a year later. Black Gold hired an industry CEO, and Kevin served as Chairman after re-acquiring the company. Black Gold negotiated a sale of the Company to a larger Austin, Texas based technology company in the same ‘space’ in 2006. excel-energy.com
Photon Control Technologies. This San Diego based fiber optic based technology company was acquired in the start-up stage of building an automated coupler line for making one of the most frequently used components in the fiber optics business. An exclusive license for U.S. Navy patents brought a high degree of potential success for this company. Black Gold worked with the technology team to develop a Business Plan and raise $4.3 million in venture capital. He served as interim CEO until an industry-based CEO was hired. Kevin then served on the Board of Directors until Black Gold sold their interest to an investment group.
Exerbotics, LLC. This was a start-up technology company focused on the refinement and commercial exploitation of new exercise technology, specifically a robotic-based weight training system. This technology, developed over the last 20 years by a group of PhD’s from various technical and scientific disciplines, was contributed to the company along with over $2.5 million dollars of development capital raised by Black Gold from private equity sources. The technology uses state of the art robotics to maximize the time and efficiency of weight training, and records the exercise regimens, progress, and comparative results of each exercise session; from a marketing standpoint, the byline is ‘twice the exercise in half the time’, appealing to the fitness boom and the busy life styles of the baby boomer generation.
The Company was sold to its largest customer, The Exercise Coach, which is a Chicago based franchisor of personal training studios, utilizes and continue to refine the Exerbotics technology as the focal point of its franchise operations. www.exercisecoach.com
Automotive
Automotive:
Synergy Automotive. Black Gold facilitated the acquisition of a Thrifty Car Rental franchise that focuses on the utilization of Thrifty’s national purchasing power, branding, and financing to sell used cars. This location was located in Bixby, Oklahoma until selling it in 2008.
Black Gold Automotive. Black Gold started a heavy vehicle automotive repair facility to do business both with third parties as well as focusing on the heavy truck transportation repairs of three of Black Gold affiliated companies.
Food & Agriculture Industries
Food & Agriculture Industries:
Black Gold was charged with the procurement of funding and USDA/Oklahoma Dept. of Ag approval for a $20MM cattle slaughter facility and the underwriting and due diligence on a patented food technology mechanization project.
Black Gold is involved directly as owner/operator in a cow/calve operation located in Skiatook, Oklahoma, and has worked on numerous agricultural based projects over the years with regard to financing, marketing, and due diligence.
Construction & Construction Services
Construction & Construction Services
Caprock Resources Group, LLC. This Oklahoma limited liability company and several related project-specific entities were formed to invest in, develop, and provide construction management for real estate projects with other developers. The development group built homes in the Tulsa/Jenks/Broken Arrow area, developed over 500 single-family lots in six subdivisions, and built two large mini-warehouse storage facilities in Jenks and Tulsa. They also developed thirty-three luxury lake townhouses and boat docks on Grand Lake at Ketchum called Eagles Roost , OK, several retail and office locations, and were involved in land acquisition, development improvement, and real estate sales in the Tulsa area. Black Gold acted as a principal partner and was involved in financial, legal, marketing, and strategy decisions, but was not involved in day to day management.
Black Gold Concrete Plant. Black Gold opened Black Gold Concrete Plant in 2003 in order to provide batch concrete services in and around Skiatook, OK. Black Gold Concrete was uniquely situated to capitalize on the growth of the Skiatook, Collinsville and Owasso markets. They bought and retrofitted a used batch plant and 10 trucks and maximized the advantages of compliance new environmental regulations that had caused the closing of numerous small town concrete plants. The Company was profitable each year of operation, selling over $4 MM of ready mix concrete in its last year. When a Mexican company purchased Mid-Continent Concrete, the Tulsa area large ready-mix player, Black Gold received several very attractive offers for the Company, and sold it in late 2006.
Black Gold Castings. Black Gold Concrete formed an affiliated operation to take advantage of down time, rainy days, and tailings (remaining concrete that was paid for by a customer but sent back to the plant because they ordered too much). This operation made casts and poured and sold numerous concrete products such as blocks, lake anchors, funeral vaults, feed troughs, products for the energy industry, and parking bumpers. This sold along with Black Gold Concrete.
Asphalt Paving. Black Gold and two partners started and operated Shamrock Paving Corporation, a commercial asphalt paving operation, during a time when the larger contractors were fully engaged with large road projects. Shamrock focused on smaller jobs that did not require public bids or bonding. They sold the business two years later to a large paving and utility contractor.
Excel Management Corporation. Black Gold oversaw the completion of over $110 MM in apartments, condos, and office buildings in 5 states that were not completed due to borrower default and/or foreclosures. These were in the REO portfolio of a federally insured Savings Bank. Black Gold hired contractors and subcontractors directly to assess, bid, and complete the projects.
Commercial Printing and publishing
Commercial Printing & Publishing
Resource Ones’ purchase of Barton Cotton
Black Gold assisted the owner/CEO of Resource One with the strategy, capital formation, and the execution skills necessary to expeditiously acquire the assets of an east coast printing and direct mail fulfillment company. Resource One, a national printing and fulfillment company headquartered in Tulsa, acquired all of the assets of Barton Cotton, an 80 year old company in Baltimore Md, for an amount equal to $6.8 MM out of Chapter 7 Bankruptcy. Barton Cotton had been purchased by American Capital Strategies, a division of a public company, for an amount equal to $140 MM just two years previously.
www.bartoncotton.com, www.resource-one.us
Black Gold and two partners purchased a bankrupt publishing company in Wisconsin that had two magazines. They turned the company around, put together a major advertising alliance with Time Life in New York, and subsequently sold the company to a local publishing company in Stillwater, OK.
With an investment group, Black Gold over operations of a troubled printing company in cooperation with Bank of Oklahoma. They turned around the Company, hired a management team, and helped the company avoid bankruptcy and liquidation.
Fabrication & Manufacturing
Fabrication & Manufacturing
Economasters Steel Fabrication. Black Gold assisted his former partner in Excel Energy Technologies in acquiring Economasters, in Sand Springs, OK. Economasters specializes in providing large pressure vessel manufacturing and fabrication to high quality engineering and design companies. Black Gold performed due diligence on the business, structured the purchase with the owners, and assisted with the capital financing. In its third year of operation, the company exceeded $5 million of revenue and moved to a larger Fabrication facility. www.economastersllc.com
Healthcare, energy, and everything in between
Check out some of Black Gold’s latest 2020-2021 projects here.
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