WadeCo Specialties, a specialty chemical provider and a portfolio company of Hastings Equity Partners, has acquired Select Chemicals. Hastings first invested in WadeCo Specialties in May 2014.
Select Chemicals (DBA Select Technologies) provides production chemicals and services to exploration and production companies throughout the Eagle Ford Shale. The Eagle Ford Shale is an organic matter-rich sedimentary rock formation underlying much of South Texas. Due to the sloping nature of the formation, the shale reaches the surface in North Texas while the oil-bearing portion is much deeper in South Texas where the drilling activity occurs. Select Chemicals was acquired by Stephen Blaschke in 1994 and is based southeast of San Antonio in Yorktown, TX (www.selectchemicalsltd.com).
WadeCo Specialties is an oilfield production chemical company that formulates, blends and distributes chemicals to oil and gas production companies to support drilling, completion and production activities throughout the Permian and Delaware Basins. The Permian and Delaware Basins are large sedimentary basins located in western Texas and southeastern New Mexico. WadeCo Specialties is based in Midland, TX (www.wadecospecialties.com).
“Select started as a soap stick business over thirty-six years ago and now operates out of a forty thousand square foot chemical plant and facilities in the South Texas region,” said Owner & President Stephen Blaschke. “We are looking forward to working with the WadeCo team to continue that expansion.”
Hastings Equity Partners invests from $5 million to $20 million in lower, middle-market energy services and equipment businesses that have EBITDAs from $4 million to $15 million. The firm has offices in Needham, MA and Houston, TX (www.hastingsequity.com).
“We are excited about the opportunities for growth that the acquisition of Select provides to WadeCo,” said Ryan Havens, President of WadeCo Specialties. “Their experienced team and geographic coverage will enhance our ability to offer customers the best in both product and service. I look forward to working with Stephen Blaschke and his team to continue growing our business.”
Edwards Wildman Palmer served as legal counsel to the shareholders of WadeCo in the transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 12-17-14