Park Energy Services Announces its Acquisition of Great Texas Compression
HOUSTON–(BUSINESS WIRE)–Rock Hill Capital (“Rock Hill”) is pleased to announce that its portfolio company, Park Energy Services, LLC (“Park”), led by President and CEO, Tim Knox, has completed its second acquisition in less than a year with the purchase of substantially all the assets of San Antonio, TX, based Great Texas Compression, LLC (“Great Texas”).
The transaction further enhances Park’s strategic position in South Texas and provides additional service density throughout Park’s existing operating footprint in the region. Furthermore, the transaction expands Park’s diverse customer base and enhances its service capabilities through the addition of exceptional Great Texas personnel.
The transaction marks the continued execution of Park’s strategy to become a leading provider of compression for well head, gas-lift, vapor recovery, flash gas and other production applications, supporting its customers in the reduction of emissions through the capture of hydrocarbon vapors that would otherwise be vented or flared. The transaction with Great Texas aligns with Park’s objectives of continued growth through targeted and purposeful acquisitions conducted at appropriate purchase multiples with attractive financing terms.
Debt financing for the transaction was secured under an expanded senior credit facility provided by Regions Bank, UMB Bank N.A., Century Bank, and Third Coast Bank SSB. Legal representation for the transaction was provided by Winston & Strawn, LLP.
About Park Energy Services
Park Energy Services (www.parkenergyservices.com), headquartered in Oklahoma City, Oklahoma, operates a fleet of over 1700 compressor units in major producing basins of Texas, Oklahoma, Pennsylvania, Ohio, New Mexico and Colorado.
About Rock Hill Capital
Rock Hill Capital, founded in 2007 and headquartered in Houston, Texas, is a private equity firm that invests in small-to-lower middle market companies located in the South and Southeast United States. Rock Hill is currently investing out of its third committed capital fund focusing on companies in the industrial products and services industries. Take a deeper look at Rock Hill Capital and what makes our investments successful by visiting www.rockhillcap.com.
Contacts
Rock Hill Capital
Ryan Shelton
713.715.7512
rshelton@rockhillcap.com
Park Energy Services
Tim Knox
432.238.5150
tknox@parkenergyservices.com
