Hastings Invests In CP Well Testing, LLC01-Oct-2012
Hastings Equity Partners announced today that Hastings Equity Fund II has acquired a controlling interest in CP Well Testing, LLC. The company provides frac flowback and workover flowback services for oil and gas exploration and development companies to support production in the Granite Wash and Woodford shale plays.
Carl Robertson and Leslie Harrison founded CP Well Testing in 2008. Headquartered in Elk City, Oklahoma, CP Well Testing provides flowback services in Western Oklahoma and the Texas Panhandle.
“CP Well Testing is a strong and growing business. There are great synergies between CP and Hastings’ fluid logistics business, which will allow us to cross-sell between the two businesses. Together, our portfolio companies will be able to provide all of the necessary fluid management services to the oilfield,” says Ted Patton, Managing Director of Hastings Equity Partners.
CP will be its own portfolio investment, but will work closely with FMH. Flowback testing is the step before the hauling away and disposal of flowback or production water so it’s a natural vertical integration and cross-sell.
Prospect Capital provided the loan, while Arvest Financial provided the line of credit to finance the acquisition of CP Well Testing.
About Hastings Equity
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market businesses in the energy sector. 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 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.