Hastings Equity Partners Announces Sale of Fluid Management Holdings and CP Well Testing05-Aug-2013
BOSTON, MA (August 5, 2013)
Hastings Equity Partners is pleased to announce the sale of Fluid Management Holdings (“FMH”) and CP Well Testing ("CP", collectively "CP Energy Services") to Prospect Capital Corporation (NASDAQ: PSEC) for approximately $105 million.
Headquartered in Weatherford, OK, FMH provides water hauling, disposal and acid services for oil & gas exploration and production companies in the Texas Panhandle and Western Oklahoma. The company operates under the names of ProHaul Transports and Foster Testing. CP is headquartered in Elk City, OK, and provides flowback and well testing services in support of oil & gas exploration and production companies in the Granite Wash, Permian and Cana-Woodford plays.
“We appreciate the contributions that the Hastings team has made to CP Energy Services over the past two years and look forward to our new partnership with Prospect Capital,” commented Craig Wright, Chief Executive Officer of CP Energy Services.
“Hastings couldn’t be more appreciative of the hard work and energy exhibited by the CP Energy Services leadership team and the impressive achievement of integrating five separate companies over the past two years,” said Ted Patton, Managing Director of Hastings Equity Partners. “This has led to the creation of the leading full service provider of water management solutions in Western Oklahoma and the Texas Panhandle, a vision we set out to achieve when we made our first investment in this region two years ago. Prospect Capital is the right partner to help grow this business to the next level.”
CP Energy Services will continue to base its operations out of the Weatherford area.
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 & equipment 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.
FOR MORE INFORMATION CONTACT:
Bruce MacRae, Managing Director