Our Company History
In late 2018, Kevin Durling recognized an opportunity to acquire industrial services companies in Alaska that were generating revenues from the Alaskan government, U.S. Military, and natural resources industries. Mr. Durling had owned and operated Petroleum Equipment and Services, Inc. since 1992. Prior to 1992, Mr. Durling had led sales and support at PESI since 1983. PESI has been a leading service provider to the Alaskan natural resources industry.
In early 2019, Durling engaged with Crestmont to arrange financing and advisory support for this new venture. The first acquisition target was the assets of Universal Welding and Fabrication, Inc., based in North Pole, AK. Durling and Crestmont began negotiations to acquire the assets of UWF and recapitalize PESI. In 2020, an LOI was executed and due diligence on the acquisition began. COVID-19 delayed the closing until May 2021 when BVH acquired UWF assets for [$5.5] million and subsequently formed Universal Welding and Fabrication Alaska LLC.
At year-end 2021, BVH acquired PESI in an all-stock transaction and continued efforts to recapitalize PESI while consolidating financials for the combined companies and expanding revenues through cross-selling opportunities. In mid-2022, BVH entered into an exclusive LOI to acquire the Alaskan assets of Weatherford International. This acquisition was the leading use of proceeds for the offering contemplated herein. This strategic acquisition was completed on February of 2023.
Through operation synergies and cross-selling opportunities, BVH expects to grow revenues and expand margins, as detailed in its pro forma financial projections.
Board of Directors
Kevin S. Durling
Petroleum Equipment & Services, Inc., President
Bear Valley Holdings, LLC., Founder & Chairman of the Board
As a resident of Alaska for 44 years, Mr. Kevin Durling has 50 years of direct oilfield experience. In 1983 he joined Petroleum Equipment & Services, Inc. in a field sales position, providing field support to the North Slope. In 1990 Kevin became the Vice President of Sales. In 1992, Kevin took over in his current position as the President of Petroleum Equipment & Services, Inc. With his knowledge of all aspects of the oil and gas industry, Kevin can direct resources and facilitate combined services and technology with a statewide perspective promoting responsible, safe, and environmentally sound support for exploration and development of Alaska’s oil and gas resources.
Under Kevin’s management, Petroleum Equipment & Services, Inc. has become the agent for many cutting‐edge technology companies, representing the latest innovations in Drilling Technology, and providing for cost effective solutions to the oil and gas industry in Alaska. The Downstream division has a strong in‐house sales team that reduces customers’ procurement costs by offering a single source purchasing point. There is also a service division with trained personnel to operate various tools and equipment for the companies they represent. The field personnel are rig savvy and maintain the high corporate standards of quality services Kevin has instilled in his companies. The Nikiski location offers an environmentally safe method of cleaning and recycling Thread‐Protectors for the petroleum industry.
Kevin is a member of the Alaska Alliance Support Industry, Alaska State Chamber of Commerce, The Petroleum Club, Resource Development Council, Society of Petroleum Engineers, and American Association of Drilling Engineers.
Patrick Williams
Petroleum Equipment & Services, Inc., Chief Financial Officer
Patrick Williams is the Chief Financial Officer at Petroleum Equipment & Services, Inc., where he manages the company's finances, strategic management, financial reporting, and long-range business planning. He also plays a key role in Petroleum Equipment & Services capitalization. Prior to Petroleum Equipment & Services, Inc.,
Patrick served as Corporate banker for Key Bank, one of the largest banks in Alaska. He played a key role in expanding Key Bank’s market share in rural areas. Patrick has 18+ years of banking and investment experience from selling a business, to providing loans to fast growing companies. Prior to Key Bank, Patrick worked at Alaska Growth Capital, an investment bank which invested in Companies and provided loans. Patrick was integral in the Company’s growth and management of 192 million loan portfolio.
Outside of work, Patrick stays busy spending time with his two sons, snow skiing, playing hockey, and hiking. He holds a BS in business management from University of Alaska Fairbanks.
David M. Beach
Bear Valley Holdings, LLC., Executive Director
Mr. Beach formed Crestmont Investments in late 2017 in partnership with family offices and select deal intermediaries interested in direct investment deal flow. He began his work with family offices in 2007 through the formation and funding of multiple SPV’s focused on distressed oil and gas assets. Mr. Beach leads Crestmont’s business developments and advisory services and serves on the board of several companies financed through his advisory efforts. He is a former managing director with several boutique investment banks in Manhattan.
He works with investment bankers from across the world on select investment offerings of interest to the Crestmont network of family offices. Prior to forming Crestmont, he formed, funded, and managed a private investment company acquiring oil and gas properties with family office investors.
He is a former managing director with several boutique investment banks in Manhattan and can be contacted at dbeach@crestmontinvestments.com.
Jim Kostka
Bear Valley Holdings, LLC., VP of Marketing & Public Relations
Jim comes to BVH with 30 years of experience in operations, marketing, and business development. He holds a BS in Economics with a minor in Business Management from Framingham State College. He is a proud veteran, serving in both the US Navy and US Army.
Jim has made Alaska his home for over 30 years and is deeply committed to giving back to the community. Over the years, He has served on several boards such as the Anchorage Chamber of Commerce, the Anchorage Museum, and the University of Alaska Trust Fund. He is also a guest speaker at several of the UAA business and marketing classes. Jim has started several businesses in Alaska focusing on telecommunications, information services and marketing.
He is a true entrepreneur at heart. Jim is a member of The Alliance, The Petroleum Club Anchorage and the Confrérie de la Chaîne des Rôtisseurs. When not working, you will find Jim and his wife Teri enjoying Alaska boating, fishing, and skiing.
Rick Dolan
Bear Valley Holdings, LLC., Board Member
Mr. Dolan has over 47 years of oil field experience having worked for a major service company, a large global oil company, and an environmental safely company, as well as independent oil company, and consulting work. His primary focus was on upstream drilling and completion operations, but he also has experience in midstream and downstream operations and well construction training.
From 2001-2014, he lived and worked in Southeast Asia – Indonesia and Thailand – while working for a large global oil company. Prior, he worked in the Northeastern US, Alaska, Oklahoma, the Gulf Coast, Albania, Russia, and the Ukraine. During his career, Mr. Dolan worked in field operations, laboratory, R&D, sales, training, engineering, and management. He is a graduate of the University of Missouri at Rolla (Geological Engineering), a Registered Texas Professional Engineer, and a Certified Safety Professional.
Since retiring from Chevron, Mr. Dolan has been consulting for various oil, environmental, and service companies. In his spare time, he enjoys watching baseball and hockey, traveling, and golfing with his wife.