Service Compression Announces Transformative Growth Capital Investment, Permian Basin Acquisition and Electrical New Build Program
LUBBOCK, TX, May 17, 2022 /PRNewswire/ — Service Compression, LLC (“Service Compression” or the “Company”) today announced that the Company has entered into an engagement to $215 million senior secured credit facilities with Crestline Investors, Inc. The Company plans to use the net proceeds of the financing to acquire additional wellhead compression in the Permian Basin and launch a new program compression of electric wellheads.
The acquisition will increase the company’s fleet to approximately 239,000 horses serving blue chip customers in the Permian Basin, Midcontinent, Barnett Shale and Ark-La-Tex regions. dusty womblePresident of Service Compression and Managing Partner of Masked Rider Capital, LLC, said, “We are delighted to announce our partnership with Crestline and believe this transaction places us in an excellent position to achieve our goal of creating significant value for our customers. investors throughout with opportunities for our employees.”
Rhett NewberryPresident and CEO of Service Compression, said, “We are thrilled to announce this transformative financing with Crestline. The company currently has 15,000 electric compressor horsepower on order which, combined with the acquisition, will strengthen our position in the Permian. We look forward to advancing our customers’ ESG initiatives and continuing to make strategic investments in equipment and technologies that differentiate our business. »
Michael AingornManaging Director of Crestline Investors, Inc., said, “Crestline is impressed with Dusty and Rhett’s leadership and vision in compression service, as well as their focus on delivering a high level of customer service. We are excited to support the company’s growth in its markets and expansion. in electrical compression, thereby decarbonizing the oil and gas production process. »
Imperial Capital, LLC acted as exclusive financial advisor to the Company in connection with the financing. Baker Botts LLP acted as legal counsel to the Company in connection with the financing and Bigbee & Curtis Law, LLP acted as legal counsel to the Company in connection with the acquisition. Haynes and Boone, LLP acted as legal counsel to Crestline in connection with the financing.
About service compression
Service Compression is a leading provider of natural gas compression services to wellhead exploration and production companies. Service Compression is focused on advancing ESG initiatives in the upstream oil and gas sector through its differentiated service and technology offerings. The Company has its registered office at Lubbock, TX with field offices in support of its operations. For more information, please visit www.servicecompression.com.
About Crestline Investors, Inc.
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, TXis an institutional alternative investment management company with approximately $15.0 billion in assets under management. Crestline specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm operates a multi-PM market-neutral hedge fund and provides beta and hedging solutions to institutional clients. Based at Fort Worth, TXthe company has offices affiliated with New York City, London, Toronto and Tokyo. For more information, please visit www.crestlineinvestors.com.
About Masked Rider Capital, LLC
Masked Rider Capital, LLC (“Masked Rider Capital” or “MRC”) is a multi-family office founded in 2012 that focuses on acquiring and investing in private companies. Masked Rider Capital proudly serves lower and middle market businesses in West Texas communities and surrounding areas through innovative capital solutions. MRC provides capital in the form of controlled and uncontrolled equity, debt and hybrid securities. The company is independent of the industry and participates in real estate development opportunities. MRC is headquartered in Lubbock, TX. For more information, visit www.maskedrider.com.
Service Compression, LLC
President and CEO
Phone: (806) 790-8966
Email: [email protected]
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SOURCE Service Compression