Clearlake Capital-Backed Gravity Oilfield Services Acquires McKenzie Energy Partners, LLC
Gravity Continues Water Infrastructure Expansion in the Bakken
MIDLAND, Texas, June 21, 2018 /PRNewswire/ -- Gravity Oilfield Services Inc. ("Gravity'), a leading water midstream and oilfield infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake'), today announced it has acquired McKenzie Energy Partners, LLC ("McKenzie"). McKenzie provides reliable, contracted midstream based water management solutions for some of the most active operators in the Bakken through a network of produced water gathering pipelines and water disposal wells situated on core acreage dedications. Financial terms of the transaction were not disclosed.
"We are excited about this important transaction and the strategic fit between McKenzie and Gravity," said José E. Feliciano, Co-Founder and Managing Partner of Clearlake, and Colin Leonard, Partner of Clearlake. "This transaction is evidence of our strategic focus on growing Gravity into a leading water midstream platform with critical assets in key plays like the Permian and the Bakken. Gravity is well on its way to developing a comprehensive water solution platform for oil and gas operators during a time of critical change in the broader energy ecosystem."
"We are excited to continue the expansion of our water management capabilities through the strategic acquisition of McKenzie," said Philip Wright, Executive Vice President of Gravity. "The addition of Jeff Kummer and the McKenzie team will enhance our execution capabilities in both the Bakken and Permian, and we are excited to have them join our team."
Jeff Kummer, President of McKenzie, added, "We are aligned with Gravity on our water midstream strategy, and believe the new partnership will be of great value to Bakken operators. We look forward to partnering with Gravity to execute on our compelling growth plan."
About Gravity Oilfield Services
Gravity Oilfield Services is a growth-oriented, Permian-focused provider of midstream and 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 $7 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.
Contacts
Media:
For Gravity
Heather Heacock, (281) 640-3043
Marketing Communication Manager
[email protected]
For Clearlake
Owen Blicksilver Public Relations, Inc.
Kristin Celauro, 732-433-5200
[email protected]
Jennifer Hurson, 845-507-0571
[email protected]
SOURCE Gravity Oilfield Services Inc.
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