Houston private equity firm Rock Hill Capital Group announced Friday that its portfolio company, Oklahoma-based Park Energy Services LLC, has acquired Great Texas Compression, a San Antonio distribution company that provides compression services used for moving gas from well sites into gathering systems.
Park Energy Services, helmed by CEO and President Tim Knox, acquired the San Antonio company's assets in a private transaction.
Knox declined to disclose the cost of the acquisition in an email to the Business Journal. The is Park Energy's second acquisition in less than a year, according to the company's press release.
The release also notes that the transaction will expand the company's customer base and aligns with the portfolio company's goals to lead in the areas of wellhead compression, gas-lift, vapor recovery, flash gas and other means of helping customers reduce emissions by capturing hydrocarbon vapors that might otherwise be vented or flared.
Winston & Strawn LLP offered legal representation in the transaction. The debt financing for the transaction was obtained through a senior credit facility provided by Regions Bank, Century Bank, UMB Bank N.A. and Third Coast Bank SSB.
Great Texas Compression was established in 2010 and incorporated in Texas.
Portfolio company Park Energy Services operates more than 1,700 compressor units in producing basins of Texas, Oklahoma, Ohio, New Mexico, Pennsylvania and Colorado. Rock Hill Capital was founded in 2007. Based out of Houston, the private equity firm invests mainly in small-to-lower-midsized market companies in both the south and southeast regions of the country.
