Hastings Equity Partners Announces Investment in Extreme Plastics Plus10-Dec-2013
Hastings Equity Partners, a private equity firm focused on investing in lower middle market energy services and equipment companies, is pleased to announce its first Fund III investment in Extreme Plastics Plus (EPP).
Headquartered in Fairmont, W. Va., EPP 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.
"We are excited about our partnership with the Hastings team and are already benefitting from their operating experience and oilfield network," said Bennie Wharry, Chief Executive Officer of EPP. "Hastings is the right partner to help grow our business to the next level."
EPP was founded in 2007 by Bennie M. Wharry, who set out to establish an environmental lining services company in a new market. During its first five years, Extreme Plastics Plus established strong relationships with repeat customers and, by 2011, the company hit the 25 million-square-foot-mark for liner installations.
With environmental safety at the forefront of their operations, EPP has benefitted from increased regulation in all of the basins, especially the Marcellus and Utica Shales. EPP enables its exploration & production (E&P) customers to stay ahead of the regulation by providing containment systems that act as an insurance policy against potential environmental issues.
"Hastings couldn't be more excited about EPP's growth opportunities and the quality of the management team," said Ted Patton, Managing Director of Hastings Equity Partners. "We look forward to working closely with Bennie and his family in expanding their existing footprint as well as helping ensure that all of their E&P customers are in compliance with state and federal regulations pertaining to fluid containment."
Financing for the EPP investment is provided by RBS Citizens N.A. as Administrative Agent and First National Bank of Pennsylvania 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.