Prohaul Acquisition & Formation of FMH01-Nov-2011
Hastings Equity Partners announced today that Hastings Equity Fund II has acquired a controlling interest in Prohaul Transports. Prohaul provides fluid management logistics and disposal services for oil and gas exploration and development companies to support production in the Granite Wash shale play.
Headquartered in Sweetwater, Oklahoma, Prohaul Transports was founded in 2008 by Joel Carpenter and Dirk Montgomery.
“The management team has formed a solid business with valuable assets. The merger of this business with our fluid logistics and disposal services company will give us even greater presence in the Anadarko Basin to meet the growing demand of the E&P companies in that area,” says Ted Patton, Managing Director at Hastings Equity Partners.
The acquisition of Prohaul has enabled Hastings Equity Partners to merge Prohaul Transports with Artexoma Logistics to form Fluid Management Holdings. The formation of Fluid Management Holdings has created a major fluid management and logistics services in the Granite Wash, Woodford and Fayetteville shales while allowing for more opportunity to expand.
Patton noted, “We believe Prohaul will soon have the scale to be one of the premier fluid logistics and disposal services business throughout the Texas Panhandle, Oklahoma, and Arkansas.”
Danny Floyd has accepted the role of interim CEO of Prohaul Transports until a permanent CEO can be hired.
PNC Bank provided financing for the transaction, but the financial terms of the transaction were not disclosed.
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.