Allowing Gravity to focus on its core, high-growth, high-margin water logistics and power generation business lines
houston, November 1, 2022 /PRNewswire/ — Gravity, a growth-oriented water and power infrastructure company backed by an affiliate of Clearlake Capital Group, LP (“Clearlake”), today sells its production chemicals platform, Tech Management, to Coastal Chemical Co. announced that it did. LLC (“Coastal Chemical”), Brenntag Company. Financial terms of the transaction were not disclosed.
www.gravityoilfieldservices.com (PRNewsfoto/Clearlake Capital Group)
“This transaction represents a strategic step for Gravity to focus on accelerating the growth of its water and power infrastructure business while enabling Tech Management to continue growing its capabilities under Coastal Chemical and Brenntag. .” Rob Rice, President and CEO of Gravity. “Safety and quality of service remain our focus as we work with Coastal Chemical to ensure a smooth transition for our customers and employees. Gravity’s other businesses and services will not be affected by this transaction.
“There is a strategic fit between Brentag and Tech Management, and the sale will allow Gravity to establish a core and strategic portfolio for clients operating primarily in the Permian, Bakken, and other major watersheds. We will be able to strengthen our commitment to growth-focused water logistics and power generation business lines,” said José E. Feliciano, chairman of Gravity and co-founder and managing partner of Clearlake. says. Colin Leonard, Partner and Managing Director of Clearlake. “Clearlake is proud to support Gravity in this important transaction.”
PPHB, LP acted as exclusive financial advisor and Vinson & Elkins LLP acted as legal advisor to Gravity and Clearlake.
about gravity
Gravity is a growth-oriented provider of energy infrastructure services to US onshore oil and gas exploration and production companies, offering midstream water solutions and critical power generation products. Gravity has significant coverage density in the Permian Basin and is supported by several other major national resource play facilities, operations and management personnel including Bakken, Eagle Ford, SCOOP/STACK, DJ Basin, Haynesville and Marcellus. benefiting from a national footprint that is others. For more information, please visit www.gvty.com.
About Clear Lake
Clearlake Capital Group, LP is an investment firm founded in 2006 that operates integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the company seeks to partner with management by providing patient, long-term capital to companies that can benefit from Clearlake’s operational improvement approach. OPS® The company’s main target sectors are industrial, technology and consumer. Clearlake manages over $70 billion of his assets and senior investment principals have led or co-led over 400 of his investments. The company is headquartered in Santa Monica, CA, with affiliates in Dallas, TX, London, UK and Dublin, UK. IrelandFor more information, please visit www.clearlake.com and Twitter. @clear lake.
Media Contact:
for gravity
Heather Heacock(281) 640-3043
Marketing Communications Manager
[email protected]
for clear lake
Lambert
Jennifer Herson(845) 507-0571
[email protected]
SOURCE Gravity; Clearlake Capital Group
