BOSTON, Aug. 4, 2014 /PRNewswire/ -- Hastings Equity Partners ("Hastings"), a private equity firm focused on investing in lower middle market energy services and equipment companies, is pleased to announce its third Fund III platform investment in Southern Petroleum Laboratories, Inc. ("SPL"). Hastings partnered with certain funds advised by Jordan/Zalaznick Advisers, Inc. ("JZAI") and The Edgewater Funds ("Edgewater"), on the transaction.
Headquartered in Houston, TX, and founded in 1944, SPL provides a complete array of services necessary for the accurate measurement of volume and composition of hydrocarbon products for the oil & gas production industry. SPL's laboratories determine the exact composition of the hydrocarbon product, and its allocations team inputs this data into a proprietary set of algorithms to provide its oil & gas clients with API compliant allocations of royalty payments. SPL has nine offices throughout the US oilfield with locations in Venus, Carthage, Houston, Pearland and Pleasanton, TX; in Belle Chasse and Carencro, LA; in Laurel, MS; and in Traverse City, MI.
"SPL is a nationally recognized industry leader in the oil & gas production industry and one of the few companies that provides a complete array of laboratory, field and allocation services for royalty payments to the major and independent producers," said Ted Patton, Managing Director at Hastings. "We look forward to being a part of the company's continued expansion."
"SPL was founded by my grandfather, W. A. Frier, 70 years ago and has remained in our family ever since," said President Christopher Brown. "We decided to partner with Hastings, JZAI and Edgewater due to their extensive experience in investing in oilfield services and laboratory companies. We felt they could help enhance our service offering and help us evangelize the unique set of services we offer to oil & gas customers."
Financing for the SPL investment is provided by OneWest Bank and Gladstone Capital Corporation, and advisory services provided by Riveron Consulting, LP and Edwards Wildman Palmer LLP.
About Hastings Equity Partners
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market energy services and equipment businesses. Hastings' approach is to leverage the extensive operational experience of the firm's managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. In addition, due to the firm's expanding portfolio of oilfield services & equipment companies, it is able to share best practices, technology trends and contacts across its platform to ensure that all of its investments benefit. Hastings strives to help companies create sustained value for their employees, customers, and investment partners. Learn more at: http://www.hastingsequity.com/
SOURCE Hastings Equity Partners