Private equity firm Golden Gate Capital has completed the sale of energy infrastructure company Stonehill Environmental Partners to an undisclosed buyer, the firm announced March 11. 

Financial terms of the deal were not disclosed.

Stonehill offers water disposal services to energy customers. It was launched in 2021 with a de-novo investment from Golden Gate Capital in partnership with Stonehill CEO Jay Parkinson.

Parkinson, Golden Gate Capital and the Stonehill team have partnered together before when establishing Hillstone Environmental Partners, a provider of water infrastructure solutions. Golden Gate Capital sold it to NGL Energy Partners LP for $600 million in 2019.

“We are pleased to have completed another successful partnership with Jay and his talented team," said Javier Puig, a managing director at Golden Gate Capital. "Over the past four years, Stonehill has firmly established itself as an industry-leading provider of environmentally friendly, efficient water solutions. In addition, Stonehill achieved strong financial results and impressive organic growth by leveraging a premier network of operating assets in the Midland Basin and executing long-term contracts with investment grade E&P companies."

Houlihan Lokey and Deutsche Bank acted as financial advisors to Stonehill and Jones Day served as legal counsel.

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