Hastings Exits Cactus Fuel

Hastings Equity Partners has sold Cactus Fuel to Pilot Thomas Logistics. Hastings purchased a majority interest in Cactus in March 2016.

Cactus is a value-added distributor of fuel (diesel and gasoline), lubricants, and chemicals to upstream and midstream companies operating in the Permian Basin particularly in Midland and Odessa, TX. The company was co-founded by CEO Jimmy Tindol in 2012 and is headquartered in Midland, TX (www.cactusfuels.com).

“I am proud of what we built together at Cactus during our partnership with Hastings,” said Mr. Tindol. “I am grateful for my management team and our employees. Without them, the 4.5x revenue growth we achieved from 2016 to 2018 would not have been possible. It is an exciting time at Cactus, and we look forward to what the future holds as part of Pilot Thomas Logistics.”

Pilot Thomas Logistics (PTL) is a provider of fuel, lubricants and chemicals to the energy, marine, mining and industrial markets. The company has more a fleet of more than 3,000 vehicles and operates 40 warehouses in 23 states. PTL, part of privately-held Pilot Flying J (www.pilotflyingj.com) was founded in 1946 and is based in Fort Worth, TX (www.pilotlogistics.com).

“Cactus is a top performer in the Permian Basin with an excellent culture of safety, service and innovation,” said Ted Patton, a managing director of Hastings. “We are greatly appreciative of the management team and employees at Cactus. Their focus on providing customers with the highest quality service possible was a driving force to generate the phenomenal returns to the investors in Cactus.”

Hastings Equity Partners invests in energy services and equipment companies (upstream, midstream, and downstream) with EBITDAs from $4 million to $20 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 firm is based in Houston (www.hastingsequity.com).

The sale of Cactus Fuel is the second realization for Hastings Equity Fund III LP which closed in August 2014 with $172 million of capital commitments.

Stephens Inc. (www.stephens.com) was the financial advisor to both Hastings and Cactus and Locke Lord (www.lockelord.com) provided legal services for the transaction.

© 2019 Private Equity Professional | April 16, 2019

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