Private-equity firm Hastings Equity Partners LLC said Oct. 6 it has acquired Hybrid Tool Solutions LLC through its fourth Fund III platform.
The transaction amount wasn't disclosed for the acquisition of the Lindsay, Okla.-based company, which provides a process for conducting frack plug drill-outs.
Hybrid simplifies the steps involved in stick pipe drill-outs and tube-ups. The company operates in the Marcellus and Utica shales and the Midcontinent.
"The Hybrid management team has done a terrific job establishing a market leading position in the Marcellus and Utica basins in just over two years through its patent pending well completion process," said Ted Patton, managing director at Hastings. "We are looking forward to partnering with them to expand throughout the rest of the U.S. oilfield and beyond."
Hybrid’s founders have almost 100 years of completion engineering and oilfield consulting experience, said Belo Kellam, co-founder. The company also has completed more than 800 wells using the patent-pending process, said Red Kennedy, another co-founder.
Cadence Bank provided financing for Hybrid. ADI Analytics LLC, Sheffield, Trackwell, and Rapp LLC and Locke Lord LLP provided advisory services.
With offices in Houston and Boston, Hastings focuses on investing in lower, middle-market businesses in the energy sector.
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