Post Oak Energy Capital LP said May 11 an affiliate company agreed to sell its stake in Precision Compression LLC in an all-cash transaction, marking the realization of the Houston-based firm’s initial investment in the oilfield service company.
Founded in 2016, Precision is engaged in the manufacturing, leasing and servicing of wellhead reciprocating gas compressors. Headquartered in Weatherford, Texas, Precision currently has facilities and operations in Texas and Oklahoma.
In a May 11 news release, Post Oak said Precision had steadily built its business organically since its launch, which had been funded by the firm.
“The sale of equity interests in Precision is the next logical progression for the company and its growth trajectory, and this transaction has resulted in a successful outcome for all,” Post Oak said in the release.
Affiliate of Post Oak, Balcones Energy Holdings LLC, sold the equity interests in Precision Compression Services in partnership with certain individual investors. The companies did not disclose the value of the transaction.
Balcones Energy is a Houston-based company designed to invest in the oilfield service and equipment sector, with a particular focus on compression and artificial lift. The company’s initial investment was in Precision Compression Services.
Recommended Reading
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
2024-05-09 - Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.
EQT Strengthens Appalachian Position in Swap with Equinor
2024-04-16 - EQT, the largest natural gas producer in the U.S., is taking greater control of the production chain with its latest move.
SCF Acquires Flowchem, Val-Tex and Sealweld
2024-03-04 - Flowchem, Val-Tex and Sealweld were formerly part of Entegris Inc.
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.