Gravity Completes Acquisition of On Point, Creating the Largest Commercial Saltwater Disposal Company in the Midland Basin
MIDLAND, Texas, Dec. 10, 2019 /PRNewswire/ -- Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), today announced it has completed the acquisition of On Point Oilfield Holdings, LLC ("On Point"), creating the largest commercial produced water disposal company by injection volumes in the Midland Basin.
MIDLAND, Texas, Dec. 10, 2019 /PRNewswire/ -- Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), today announced it has completed the acquisition of On Point Oilfield Holdings, LLC ("On Point"), creating the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. Trace Hight, founder and CEO of On Point, has joined Gravity as its Chief Commercial Officer of Water Infrastructure, reporting to Rob Rice, Gravity's President and Chief Executive Officer. Financial terms of the transaction were not disclosed.
Vinson & Elkins served as legal counsel to Gravity and Barclays acted as Gravity's financial advisor and arranged debt financing for the transaction.
About Gravity
Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, providing water midstream solutions, critical power generation offerings and other production focused services. Gravity has significant coverage density in the Permian Basin and benefits from a national footprint supported by facilities, operations and management personnel in several other key domestic resource plays including the Bakken, Eagle Ford, SCOOP/STACK, DJ Basin, Haynesville and Marcellus, among others. More information is available at www.gvty.com.
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.® The firm's core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake currently has over $11 billion of assets under management and its senior investment principals have led or co-led over 200 investments. More information is available at www.clearlake.com.
Media Contacts:
For Gravity
Heather Heacock, (281) 640-3043
Marketing Communication Manager
[email protected]
For Clearlake
BLICKSILVER P.R.
Kristin Celauro, 732-433-5200, [email protected], or
Jennifer Hurson, 845-507-0571, [email protected]
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SOURCE Gravity
