HOUSTON and MIDLAND, Texas, September 21, 2018 – Gravity Oilfield Services Inc. (“Gravity” or the “Company”), a leading water midstream and oilfield infrastructure services company backed by affiliates of Clearlake Capital Group, L.P. (“Clearlake”), today announced that energy industry veteran Rob Rice has been named CEO and President of the Company.
Rice brings more than 25 years of experience in the oil and gas industry. Most recently, he served as Chief Operating Officer and Senior Vice President of Archrock, Inc. (NYSE: AROC). Prior to that, Rice was President of North America at Exterran Energy Solutions, L.P., and held various senior leadership positions with Exterran and Hanover Compressor. Rice formerly served as a Flight Test Engineer with the United States Air Force.
“I am thrilled to join the team of dedicated professionals at Gravity,” said Rice. “With Clearlake as its partner, Gravity is formidably positioned to continue executing on its strategy to provide comprehensive water solutions and other oilfield infrastructure services to operators during a time of critical change in the energy sector. I’m excited to join the Company and start executing our compelling growth plan. I believe Gravity is in great position to capitalize on the continued growth and expansion of the oil and gas infrastructure needs we service today.”
“We are excited to welcome Rob, who is a seasoned leader that brings decades of experience to this large and growing company. In his prior roles, Rob has been responsible for driving operations and commercial organizational structure, process changes and developing go-forward strategies to deliver excellent customer value. We are confident that he will be instrumental in further sharpening our focus and delivering customer, employee and shareholder value in our market leading water infrastructure solutions and power generation offerings,” said José E. Feliciano, Co-Founder and Managing Partner of Clearlake and Chairman of the Board of Gravity.
“Gravity has built a unique leadership position in the Permian, Bakken and many other key domestic oil and gas basins where operators depend on Gravity through the entire lifecycle of their wells. On behalf of Clearlake, we want to thank the Gravity management team for their dedication to the Company over the past several years as Gravity navigated through a challenging environment in the energy sector and developed into the leading platform it is today,” added Colin Leonard, Partner of Clearlake.
Co-CEO Troy Botts will continue in a senior leadership role with Gravity reporting to Rob and Co-CEO Pat Bond has decided to pursue opportunities outside the Company.
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.
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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