Park Energy Services Announces its Acquisition of Additional Compression Units
Houston, TX (July 26, 2021) – Rock Hill Capital (“Rock Hill”) is pleased to announce that its portfolio company, Park Energy Services, LLC (“Park”), has completed the acquisition of certain lower horsepower operating assets from Archrock, Inc. The acquisition enhances the company’s strategic position in South Texas and Pennsylvania. Furthermore, the transaction expands Park’s customer base and bolsters the company’s service capabilities throughout its operating footprint. The transaction is the most recent acquisition by Park as it continues to serve the energy industry as a leading provider of wellhead and vapor recovery compression.
Founded in 2014, Park specializes in compression technology that helps oil and natural gas producers increase well-production volumes and reduce emissions through the capture of vapors that would otherwise be vented or flared.
Tim Knox, President and CEO of Park, remarked, “We are pleased to announce this transaction as we execute on our strategy to become the largest provider of lower horsepower compression to the industry. We seek to provide high quality assets to premier customers in key operating regions, and this acquisition fits perfectly with that objective.”
Tim added, “We will continue to pursue purchase and partnership opportunities with multiple providers as we look to consolidate a fragmented market segment and achieve significant scale from which we can provide a complete array of portable and quick-to-deploy compressor packages for natural gas production, oil production through gas-lift, and vapor recovery, both engine and electric motor drive, all backed by outstanding service.”
Debt financing for the transaction was secured under an expanded senior credit facility provided by Regions Bank, UMB Bank N.A., and Century Bank. Legal representation for the transaction was provided by Winston & Strawn, LLP.
About Park Energy Services
Park Energy Services (www.parkenergyservices.com), headquartered in Oklahoma City, Oklahoma, operates a fleet of compressor units focused on wellhead compression, gas lift and vapor recovery in major producing basins of Texas, Oklahoma, Pennsylvania, Ohio, New Mexico and Colorado.
About Rock Hill Capital
Rock Hill Capital, founded in 2007 and headquartered in Houston, Texas, is a private equity firm that invests in small-to-lower middle market companies located in the South and Southeast United States. Rock Hill is currently investing out of its third committed capital fund focusing on companies in the industrial products and services industries. Take a deeper look at Rock Hill Capital and what makes our investments successful by visiting www.rockhillcap.com.