GlobeLTR Energy Inc. acquires West Texas H2O
Clearlake Capital-backed GlobeLTR expands pre-frac and produced water sourcing, delivery and transportation capabilities and services in the Permian Basin.
SANTA MONICA, CA & MIDLAND, TEXAS, APRIL 27, 2017 -- GlobeLTR Energy Inc. ("GlobeLTR"or the"Company"), a portfolio company of affiliates of Clearlake Capital Group, L.P. ("Clearlake"), today announced it has closed the acquisition of West Texas H2O, LLC (together with its affiliates,"WTH2O"), an established Permian Basin based fresh and produced water solutions provider. Financial terms of the transaction were not disclosed.
WTH2O owns or has access to more than 20,000 net acres of freshwater, over 6 million barrels of pit storage capacity for frac water, and more than 125 freshwater wells capable of producing an estimated 450,000 barrels of freshwater per day. WTH2O is a midstream focused business with over 90 miles of pipeline infrastructure to support freshwater supply, produced water takeaway and disposal into WTH2O and GlobeLTR's Permian saltwater disposal network.
This acquisition expands GlobeLTR's footprint in the Permian Basin and provides midstream water logistics and pre-frac solutions to E&P clients operating throughout the basin.
"The WTH2O team led by John Grella, and the company's compelling infrastructure assets are valuable additions to the GlobeLTR platform," said Pat Bond and Troy Botts, Co-CEOs of GlobeLTR. "The combination of WTH2O and GlobeLTR will significantly add to our infrastructure based service capabilities and help support any potential pre-frac bottlenecks in the Permian for sourcing freshwater. We are excited to leverage the WTH2O team and continue investing in the projects they have underway through the partnership."
About GlobeLTR Energy Inc.
GlobeLTR Energy Inc. is a growth-oriented, Permian-focused provider of a wide range of oilfield services to U.S. onshore oil and natural gas exploration and production companies, including water logistics and infrastructure solutions, portable power generation and equipment rentals, specialty production chemicals, and other oil and gas well maintenance and production services.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.SMThe firm's core target sectors are industrials and energy; software, and technology-enabled services; and consumer. Clearlake currently has over $4 billion of assets under management and its senior investment principals have led or co-led over 90 investments. More information is available atwww.clearlake.com.