MidCentral Energy Partners Closes Strategic Financial Partnership with Orion Energy Partners to Support Business Expansion
OKLAHOMA CITY, Okla.--(BUSINESS WIRE)--Mar 19, 2019--MidCentral Energy Partners LLC (“ MidCentral ”) has announced a strategic financial partnership with Orion Energy Partners, L.P. (together with its affiliated funds, “ Orion Energy ”). The senior secured credit facility from Orion Energy will provide MidCentral with capital to support both the organic expansion of its market-leading pressure control business and select strategic growth opportunities in adjacent businesses.
MidCentral is an Oklahoma City, Oklahoma-based company focused on providing pressure control equipment and services through the life cycle of a well, with a focus on the drilling stage in the Permian and SCOOP/STACK, two of the lowest cost and most active basins in the US.
Orion Energy provides creative capital solutions to middle market energy infrastructure businesses across North America and select international markets.
“Our partnership with Orion Energy positions MidCentral to accelerate our growth and optimize our market-leading offering of critical equipment and services, which continue to be in high demand,” said Kristian Kos, MidCentral’s CEO. “The capital and support provided by Orion Energy positions MidCentral to execute on this exciting opportunity in front of us.”
“Orion Energy is excited to announce its new partnership with MidCentral. The MidCentral leadership team has driven impressive growth with a first class customer base, primarily through a disciplined focus on operational excellence and safety,” said Rob Rusk, Co-Founder and Partner at Orion Energy. “We look forward to supporting MidCentral as they continue to build out their industry leading pressure control platform.” Ethan Shoemaker, Investment Principal and Head of the Houston Office for Orion Energy added, “We are very pleased to partner with such a creative and thoughtful owner-operator.”
Covington & Burling LLP acted as legal counsel to MidCentral. Simmons Energy, a division of Piper Jaffray & Co., served as exclusive financial advisor to MidCentral. Simmons Energy also served as sole placement agent on the transaction.
Latham & Watkins LLP acted as legal counsel to Orion Energy.
About MidCentral Energy Partners
MidCentral is a provider of pressure control related services and rental equipment to customers in the Permian and SCOOP/STACK. MidCentral’s primary business line focuses on providing equipment and services to support blow-out preventer assembly, testing, and disassembly. MidCentral’s customer-focused, highly trained and experienced professionals use the latest available industry technology to provide best-in-class operations. For more information, visit www.MidCentralEnergy.com.
About Orion Energy Partners
Orion Energy is a credit-oriented private equity firm with over US$ 1 billion of investable capital. Orion Energy is focused on providing creative capital solutions to middle market energy infrastructure businesses across North America and select international markets with a focus on downstream, midstream, conventional electric power, renewable energy and storage, asset-heavy energy services and other energy subsectors. Its management has substantial experience leading successful energy companies and energy infrastructure investments. For more information, visit www.OrionEnergyPartners.com.
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CONTACT: Contact information for MidCentral:
Contact information for Orion Energy:
Investor Relations and Business Development
KEYWORD: UNITED STATES NORTH AMERICA OKLAHOMA
INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY OIL/GAS OTHER ENERGY PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Orion Energy Partners
Copyright Business Wire 2019.
PUB: 03/19/2019 12:56 PM/DISC: 03/19/2019 12:56 PM