Hastings Equity completes acquisitions of Wright Trucking & Foster Testing01-May-2012
Hastings Equity Partners announced today that Hastings Equity Fund II has acquired a controlling interest in Wright Trucking and Foster Testing. Wright Trucking provides fluid management logistics and disposal services for oil and gas exploration and development companies to support production in the Granite Wash and Barnett shale plays. Foster Testing provides acidizing services and kill trucks to E&P companies so that wells can be shut down, cleaned, or worked-over in the same markets.
Roger Wright formed Foster Testing in the 1970s. Wright later expanded his businesses to create Wright Trucking in the 1990s. Both Wright Trucking and Foster Testing are headquartered in Perryton, Texas.
“Wright Trucking and Foster Testing are excellent businesses that provide complementary services to our existing oilfield services investments. We look forward to working with the management to expand our network and service offered in the Anadarko Basin,” says Ted Patton, Managing Director of Hastings Equity Partners.
Fluid Management Holdings has acquired Wright Trucking and Foster Testing to strength the companies’ fluid logistics and disposal services in the Granite Wash play and to offer new production services. Craig Wright will step in as CEO of FMH.
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.