Hastings Equity Partners Announces Investment in WadeCo Specialties, LLC12-May-2014
Hastings Equity Partners LLC is pleased to announce its second Fund III investment in WadeCo Specialties, LLC (WadeCo). WadeCo formulates, blends and distributes chemicals to oil and gas production companies to support drilling and production activities throughout the Permian Basin.
Headquartered in Midland, Texas, WadeCo was founded in January of 2005 by Wade Havens, a 30-year veteran of the oilfield production chemicals industry. Mr. Havens grew WadeCo from two employees and two trucks to 70 employees today.
“Both Wade and Ryan Havens, along with their seasoned management team, have 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.”
"We are excited about our partnership with the Hastings team and are already benefitting from their operating experience and oilfield network," said Wade Havens, Chief Executive Officer of WadeCo. "Hastings is the right partner to help grow our business to the next level."
Financing for the WadeCo investment is provided by Gladstone Capital Corporation, and advisory services provided by Riveron Consulting, LP and Morse, Barnes-Brown & Pendleton PC.
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.