By a News Reporter-Staff News Editor at Energy Weekly News -- Denver-based private equity firm Lariat Partners, LP announced that it has signed a definitive agreement to acquire Newpark Environmental Services, LLC (NES) for $100 million. NES is currently a division of Newpark Resources, Inc. (NYSE: NR), based in The Woodlands, TX. Through the newly formed ECOSERV, LLC, Lariat will merge NES with its Abbeville, LA-based portfolio company, Offshore Cleaning Systems, LLC (OCS), a leader in the offshore oil and gas specialty cleaning industry. ECOSERV will combine the Gulf of Mexico's leader in offshore cleaning services with the region's leader in offshore waste disposal, creating the only integrated, turnkey environmental cleaning and waste disposal services provider.
Lariat Managing Partner Kevin Mitchell said, "With its vertically integrated business model, ECOSERV will create the most compelling value proposition in the upstream oil and gas industry Lariat's strategy with all of its investments is to enhance value for our customers and the formation of ECOSERV accomplishes that in every way."
Kenny DesOrmeaux, founder and CEO of OCS, will be CEO of ECOSERV, which will be headquartered in Lafayette, LA and operate out of 14 locations throughout the Gulf Coast and Permian Basin in West Texas. "We believe the talented employees and management of both OCS and NES create a truly best-in-class company. We look forward to demonstrating to our customers the service and value of ECOSERV," he said. Additional information on ECOSERV can be found at http://www.ecoserv1.com. About Lariat Partners Founded in January 2013 by Jay Coughlon and Kevin Mitchell, Denver-based Lariat Partners is a private equity firm focused on redefining the private equity experience with entrepreneurs in the lower-middle market. With its People First, Strategy Second relationship philosophy and its CORE Investment Strategy targeting COnsolidations, COnsumables and REcurring REvenue businesses, Lariat offers a differentiated approach to partnering with entrepreneurs and growing their businesses. The firm targets companies across a number of industries, including Specialty Agriculture and Energy & Environmental Services. For more information, visit www.lariatpartners.net.
Keywords for this news article include: Energy, Oil & Gas, Oil And Gas, Lariat Partners, Investment and Finance.
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