NEW YORK and SWOYERSVILLE, Pa., March 24, 2014 /PRNewswire/ -- Specialty Waste Operating Partners, L.P. ("SWOP"), a private investment group focused on opportunities in fluid handling, treatment, reuse and disposal, has completed the acquisition of a majority interest in Susquehanna Services, Inc. ("Susquehanna" or the "Company"), a leading provider of solids processing services for oil and natural gas drilling operations. Terms of the transaction were not disclosed.
Susquehanna is a rapidly growing energy services platform, with operations in the Marcellus, Utica, and Green River (WY) shale formations. Founded in 2010, the Company offers a proprietary system to process drill cuttings for disposal during the drilling phase of oil and gas development. Susquehanna provides an integrated solution for its customers' solids processing needs with a focus on increased efficiency for drilling operations.
John Yarosz, Susquehanna's founder, has retained a significant equity stake in the Company and has been named Chairman of the Susquehanna Board of Directors. In addition, Susquehanna has appointed Arnie Little as President and Chief Executive Officer, effective immediately. Mr. Little will lead the Company in developing the infrastructure and processes to execute on its growth plans. He brings over 40 years of energy operator experience to Susquehanna, most recently with Nabors Industries Ltd., where he served as the Director of Operations for the Mid Continent Region.
"We are pleased to partner with SWOP, an accomplished energy services investor with significant experience growing and capitalizing companies like Susquehanna," said Mr. Yarosz, Chairman of Susquehanna. "With the addition of Arnie, a proven energy operator with more than 40 years of experience in the industry, along with SWOP's significant resources and capital support, I am confident that Susquehanna is well positioned to execute on its goals and reach a new level of growth and success."
"I am excited about the significant growth opportunities at Susquehanna," said Mr. Little, CEO. "John has created a fantastic business that has grown rapidly since its founding four years ago. I look forward to working alongside him to continue growing the business while maintaining the industry-leading level of quality service and support that customers have come to expect from Susquehanna."
"Susquehanna is an innovative leader in solids processing services for oil and natural gas drilling operations, and we are delighted to work with a strong team led by John and Arnie," said Andy Freeman Co-President of SWOP.
"We are proud to partner with Susquehanna, and to provide capital and strategic guidance to help the Company realize its vision of growth and execute on its strategic initiatives," said Trip Zedlitz, Co-President of SWOP. "We strongly believe in this Company and look forward to playing an active role in taking Susquehanna to the next level."
About Specialty Waste Operating Partners, L.P.
Specialty Waste Operating Partners is a private investment group focused on opportunities in fluid handling, treatment, reuse and disposal. SWOP is backed by several private equity investment firms, including Paine & Partners and Tinicum Incorporated.
About Susquehanna Services, Inc.
Susquehanna Services (www.sspugmill.net) is a leading provider of solids processing services for oil and natural gas drilling operations. The Company uses a proprietary system to process drill cuttings for disposal during the drilling phase of oil and gas development. Founded in 2010, the Company has operations in the Marcellus, Utica, and Green River (WY) shale formations.
For Specialty Waste Operating Partners:
Andy Brimmer / Bryan Darrow / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
For Susquehanna Services, Inc.:
SOURCE Specialty Waste Operating Partners, L.P.