Hastings Acquires American Well Service

Extreme Plastics Plus (EPP), a portfolio company of Hastings Equity Partners, has acquired American Well Service.

American Well Service (AWS) provides containment and closed loop solids control to energy exploration and production companies throughout the Marcellus and Utica Shales regions. AWS is based southwest of Pittsburgh in Washington, PA (no website found).

“At EPP, we continue to execute our growth plans and the addition of AWS allows us to enhance both products and services we can offer to customers,” said Bennie Wharry, CEO & Founder of Extreme Plastics Plus. “AWS is well positioned to expand geographically with EPP’s operations in Texas, Oklahoma, New Mexico and Colorado. We are eager to work with founders and their team at AWS to continue to build on their success.”

Extreme Plastics Plus provides environmental services for fluid and waste containment to energy companies operating in the Marcellus, Utica, Eagle Ford, Permian and Mid-Continent regions. The company was founded in 2007 and is headquartered in Fairmont, WV (www.extremeplasticsplus.com).

“After reaching nearly 100 employees and experiencing explosive growth across all service lines, we felt that we needed a partner to help us expand beyond our existing footprint,” said Amy Savage, Co-Owner of American Well Service. “Picking Bennie Wharry and the whole EPP family as a partner was a simple decision since we had been working closely with them for the past four years. We are excited to combine forces with the talented people at EPP.”

Financing for the transaction was provided by RBS Citizens.  Edwards, Wildman, and Palmer served as legal counsel to the shareholders of EPP in the transaction.

Hastings invests from $5 million to $20 million in lower middle-market energy services and equipment businesses that have trailing EBITDA from $4 million to $15 million. The firm was founded in 2004 and is based in Waltham, MA (www.hastingsequity.com).

2014 PEPD • Private Equity’s Leading News Magazine • 9-9-14