Hastings Equity Partners announced today that Hastings Equity Fund II has acquired a controlling interest in Danlin Industries. Danlin Industries develops, blends and distributes chemicals to oil and gas production companies to support drilling and production activities.
Headquartered in Thomas, Oklahoma, Danlin Industries was founded in 1990 by Danny Floyd, who will continue to serve as the CEO of Danlin Industries. Danlin has grown from making soapsticks in the Floyds’ kitchen to $50 million in annual revenues serving every major oil and gas field in the United States.
“Danny Floyd, along with his established management team, has developed a solid foundation from which the business will continue to grow,” said Hastings Equity Managing Director Ted Patton. “We look forward to being a part of the continued expansion.”
PNC Bank provided financing for the transaction, but the financial terms of the transaction were not disclosed.
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.