Xnergy Financial LLC announced Dec. 10 that it has provided investment banking services to coal producer Middle Fork Development Services LLC (MFD) related to its corporate finance, restructure and divestiture.
MFD’s surface bituminous coal mine in Magoffin County in eastern Kentucky is the only surface coal mine in Central Appalachia that meets current and proposed U.S. Environmental Protection Agency, U.S. Office of Surface Mining and Clean Water Act standards, the company said. The mine was established in 2008.
Middle Fork engaged Xnergy Financial as the exclusive investment bank to recapitalize and sell the company to execute the capacity expansion.
“Beside the benefits of recapitalization, the capital allows MFD to be in a position for future growth,” said Bill Timmerman, Managing Director of Xnergy Financial.
“Xnergy investment banking team has the in-depth experience and expertise in the energy industry and has completed a variety of transactions in this field. We have developed extensive relationships with major financial partners which gives us the ability to successfully represent our clients in both the energy and mining sector,” said Nia Stefani, Managing Partner of Xnergy LLC.
Xnergy Financial is a national investment banking firm providing financing and merger and acquisition services to emerging growth and middle market companies.
The U.S. Mine Safety and Health Administration database shows MFD as having one listed mine, which is the No. 1 surface job in Magoffin County. The mine produced 128,714 tons in the first nine months of this year and 142,358 tons in all of 2012. The MSHA database shows MFD as controlled by Thales Resource Partners LLC, David Shaffer and Greg Higg.