Cactus Fuel is a value-added distributor of fuel and lubricants to upstream and midstream customers throughout the Permian Basin (an oil and gas formation located in west Texas and eastern New Mexico). The company was founded in 2012 and is based in Midland, TX (no website found).
“We are very excited to partner with Hastings and look forward to being able to expand and enhance our service offering to our customers,” said Jimmy Tindol, CEO of Cactus Fuel. “It’s an exciting time at Cactus Fuel. We recently executed a geographic expansion into New Mexico and are in the process of opening additional locations that will further increase our reach.”
Hastings Equity Partners invests from $5 million to $20 million in energy services and equipment companies (upstream, midstream, and downstream) with EBITDAs from $4 million to $15 million. The firm is based in Waltham, MA (www.hastingsequity.com).
“The Cactus Fuel management team has done a terrific job of ramping up the business in a very challenging environment, while continuing to provide 100 percent on-time service to their customers,” said Ted Patton, managing director of Hastings Equity Partners. “We are extremely excited to work closely with management on expanding the service offerings and coverage area going forward.”
PNC Financial Services (www.pnc.com) provided financing for the transaction. Riveron Consulting (www.riveronconsulting.com) and Locke Lord (www.lockelord.com) provided advisory services to Hastings. Houston-based investment bank Gulfstar Group (www.gulfstargroup.com) was the financial advisor to Cactus Fuel.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-28-16