Hastings Equity Partners Announces Acquisition of Three Amigos Rentals LLC07-May-2014
Hastings Equity Partners LLC ("Hastings Equity") is pleased to announce its investment through its portfolio company Extreme Plastics Plus, Inc, ("Extreme Plastics") in Three Amigos Rentals LLC ("Three Amigos").
Founded in 2009, Three Amigos is based in Hobbs, NM and installs water containment systems for drilling and fracking activities in the Permian Basin. Three Amigos provides Extreme Plastics with a foothold in the fastest growing area in the US Oilfield (the Permian Basin) and brings with it access to some of the largest customers in the area.
"We are pleased to join forces with the Wharry Family in our support of Extreme Plastics' growth and expansion with the equity investment enabling Extreme Plastics' acquisition of Three Amigos," said Ted Patton, Managing Director of Hastings Equity Partners. "Hastings couldn't be more excited about this opportunity."
"The team at Three Amigos will be the foundation of our new Permian division. Their customer focus and excellent service record have enabled them to build strong relationships with companies like OXY and Cimarex. We are excited to have them on board," said Bennie Wharry, CEO of Extreme Plastics.
Financing for the Three Amigos investment was provided by RBS Citizens N.A. as Administrative Agent and as Syndication Agent. Advisory services provided by Edwards Wildman Palmer LLP and Riveron Consulting, LP.
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.
Extreme Plastics Plus, headquartered in Fairmont, West Virginia, is an oilfield environmental services company focused on protecting well sites, such as pads and pits, from liquids leaking into the soil and surrounding area.