Gravity Further Bolsters Water Infrastructure Platform in the Bakken with Latest Acquisition
MIDLAND, Texas, March 21, 2019 – 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 infrastructure from MBI Oil & Gas, LLC (“MBI”). The acquisition further strengthens Gravity’s existing water management solutions in the Bakken while expanding the company’s relationships with the region’s most active operators. The transaction enhances Gravity’s scale within its permanent water infrastructure offerings in the basin, further building on the company’s acquisition of McKenzie Energy Partners in June 2018. Financial terms of the transaction were not disclosed.
“The strategic acquisition of the MBI facilities adds additional scale in the core of a premier oil and gas producing region of the country, while expanding support of our existing customer base and creating important new relationships,” said Rob Rice, Chief Executive Officer of Gravity. “We are excited to leverage these new locations as we continue to execute on our compelling growth plan within our water infrastructure development platform. Gravity is committed to providing comprehensive water management solutions that lower lease operating expense and improve reliability for customers. We continue to deploy capital in pursuit of our multi-basin portfolio strategy to provide leading water infrastructure offerings across the country.”
“This transaction represents an excellent strategic fit with Gravity’s existing water infrastructure solutions in the Bakken and accelerates Gravity’s transformation into a leading water midstream platform with national operations supported by critical assets in key plays throughout the country,” said José E. Feliciano, Co-Founder and Managing Partner of Clearlake, and Colin Leonard, a Partner at Clearlake.
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.
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 $8 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.clearlakedev.wpengine.com.
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