Gravity Further Bolsters Water Infrastructure Platform in the Permian with Latest Acquisition
MIDLAND, Texas, June 3, 2019 /PRNewswire/ -- Gravity Oilfield Services Inc. ("Gravity"), a leading energy and oilfield infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), today announced the acquisition of certain water disposal assets from Pyote Water Systems III, LLC ("Pyote"). The acquisition further strengthens Gravity's market position in the Permian, adding existing water management solutions, including predominantly piped gathering and disposal capacity, and expands the company's relationships with the region's most active operators. Financial terms of the transaction were not disclosed.
"The strategic acquisition of the Pyote facilities brings additional scale to Gravity's extensive footprint in the core of the Midland Basin, and further expands its current water infrastructure operations in the Delaware Basin," said Rob Rice, Chief Executive Officer of Gravity. "We are excited to leverage these new locations as we bring our customer-focused approach to our growing base of relationships. Gravity remains committed providing leading water infrastructure offerings in the most attractive domestic oil plays."
"This transaction is an excellent fit for the Gravity platform, bringing additional capacity to the company's unique, integrated water infrastructure," added José E. Feliciano, Chairman of Gravity and Co-Founder and Managing Partner of Clearlake, and Colin Leonard, a Partner at Clearlake. "This marks another accretive acquisition in Gravity's expansion roadmap, and it complements the company's growing asset base across the Permian, Bakken, and other key basins. We're excited to support Rob and the Gravity team in their execution of our acquisition and organic growth strategy, and we look forward to continuing to solve the water management needs of our E&P customers."
About Gravity Oilfield Services
Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, including water midstream solutions, critical power generation offerings and other production focused services. Gravity has significant coverage density in the Permian Basin, and also benefits from a national footprint supported by facilities, operations and management personnel in several other key domestic resource plays including the Bakken, Eagle Ford, SCOOP/STACK, DJ Basin, Haynesville and Marcellus, among others. More information is available at www.gvty.com.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake has managed over $9 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.
Heather Heacock, (281) 640-3043
Marketing Communication Manager
SOURCE Clearlake Capital Group