Hastings Equity Partners has acquired IMPACT! Chemical Technologies, a provider of specialty chemicals to oil and gas production and midstream companies.
IMPACT!’s products include acid non-emulsifiers, anti-sludge compounds, iron control additives, surfactants, scale Inhibitors, acid corrosion inhibitors, and others. The company supplies its customers from 12 locations across Texas, New Mexico, Oklahoma, and North Dakota. The company was founded in 2010 and has a blending facility and in-house laboratory located at the company’s headquarters in Midland, TX. IMPACT! has approximately 170 employees (www.impactchem.com).
“We couldn’t be more impressed with the experienced and talented team at IMPACT!” said Ted Patton, Managing Director of Hastings Equity Partners. “We will support IMPACT! as they continue to grow their customer base and expand geographically.”
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. Hastings’ approach is to leverage the operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. The buy of IMPACT! is the fifth investment for Hastings Equity Fund III, LP, which closed in August 2014 with $172 million of capital commitments. The firm is based in Waltham, MA (www.hastingsequity.com).
“I’m proud of the business we’ve built at IMPACT! and feel Hastings is the ideal partner to support our growth going forward,” said Brandon Martin, President of IMPACT!.
Locke Lord (www.lockelord.com) provided legal services to Hastings during the transaction and advisory services were provided by Riveron Consulting (www.riveronconsulting.com).
© 2016 Private Equity Professional | December 12, 2016
