A Kingswood Capital Management portfolio company One X has acquired a pressure control services and equipment rental company United Energy Partners for an undisclosed sum.

One X will become one of the largest independent operators of serviceless, or greaseless, pressure control valves in the U.S. with operations across the Permian and Denver-Julesburg basins and the Bakken, Eagle Ford and Haynesville shale plays. Kingwood is a private investment firm.

United Energy Partners has established itself as the “premier pressure control partner across Colorado, Texas, Utah, Wyoming, North Dakota and New Mexico,” according to a May 15 Kingswood press release. “Existing UEP management will remain onboard and work with One X to expand its service offerings and geographic reach.”

Houston’s One X provides pressure control services, flowback, drill-out and well testing services to several major international energy operators. It was acquired by Kingswood Capital Management in October 2023. Acquiring UEP will expand One X’s geographic breadth and industry-leading technology portfolio.

“One X’s acquisition of United Energy Partners creates the scaled serviceless pressure control equipment provider in the U.S. and puts the combined companies in a tremendous position to serve our growing list of customers across a larger footprint,” said James Stewart, CEO and chairman of One X. “We are excited to partner with the UEP team to help fuel the next stage of growth at One X, as we continue building a company that offers a comprehensive suite of market-leading completions services.”

Goodwin Proctor, Werner Ayers & McDonald, PPHB and Grant Thornton advised One X on the transaction.

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