Hastings Equity Partners Announces Acquisition of American Well Service18-Sep-2014
Extreme Plastics Plus, Inc. (“EPP”), a provider of comprehensive environmental containment solutions to the energy industry, is pleased to announce the acquisition of American Well Service (“AWS”). EPP is a portfolio company of Hastings Equity Partners, a private equity firm focused on investing in lower, middle-market energy services and equipment businesses.
Based in Washington, PA, AWS provides containment and closed loop solids control to exploration and production companies throughout the Marcellus and Utica Shales. The acquisition of AWS will enhance EPP’s ability to offer market leading environmental containment solutions to its customers from its nine locations throughout the U.S.
“At EPP, we continue to execute our growth plans and the addition of AWS allows us to enhance both products and services we can offer to customers,” said Bennie Wharry, CEO & Founder of Extreme Plastics Plus. “AWS is well positioned to expand geographically with EPP’s operations in Texas, Oklahoma, New Mexico and Colorado. We are eager to work with founders and their team at AWS to continue to build on their success.”
“After reaching nearly 100 employees and experiencing explosive growth across all service lines, we felt that we needed a partner to help us expand beyond our existing footprint,” said Amy Savage, Co-Owner of American Well Service. “Picking Bennie Wharry and the whole EPP family as a partner was a simple decision since we had been working closely with them for the past four years. We are excited to combine forces with the talented people at EPP.”
Financing for the transaction was provided by RBS Citizens N.A. while Edwards, Wildman, and Palmer LLP served as legal counsel to the shareholders of EPP in the transaction.
About Hastings Equity
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market energy services and equipment businesses. 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 its portfolio companies create sustained value for their employees, customers, and investment partners.
About Extreme Plastics Plus, Inc.
Extreme Plastics Plus provides comprehensive environmental containment solutions to the energy industry across the U.S. EPP’s products and services are critical to ensuring environmental compliance at the well site and have broad applicability across major U.S. oil and gas markets. Founded in 2007, EPP is headquartered in Fairmont, W.Va. and operates from nine locations throughout the U.S.