Stallion Completes Financing for Strategic Acquisitions
Earlier this year, Stallion Oilfield Services, Ltd. completed a financing with over $70 million in committed capital to support four strategic acquisitions and further growth. The acquisitions included: Stallion Rentals LP d/b/a Trinity Valley Rentals (Liberty and Alice, Texas), Envirotech, Inc., Double-D Enterprises, Inc. (both of Riverton, Wyoming) and Separation Services, Inc. (Houston, Texas). The Company also completed two smaller transactions prior to the closing to enhance its new Permian Basin operations in Midland, Texas.
Stallion's goal is to become the leading provider of auxiliary rentals and services of all phases of oil and gas operations in areas in which it is located, and to target major basins of the United States. The Company now provides services in the Gulf Coast, South Texas, ArkLaTex, Ft. Worth Basin, Permian Basin and the Rocky Mountains.
The acquisitions extend Stallion's current rig site accommodations service line to include surface equipment rental and solids control services. The Trinity Valley Rentals acquisition will enhance Stallion's existing capability in the Gulf Coast and South Texas. The Wyoming transactions extend Stallion's geographic footprint into the Rocky Mountains where the two acquired companies will operate as Stallion Rockies Ltd. d/b/a Envirotech. Envirotech is one of the leading providers of rig site services and Double-D provides surface equipment rental.
Separation Services, Inc. extends the company's capability into the burgeoning solids control service line where they are a leading service provider to major and independent drilling contractors and oil & gas companies. The solids control business will continue to operate as Separation Services led by its founder, Fred Lausen, Jr.
Craig Johnson, Stallion's CEO, commented, "We are very enthusiastic about the strength of the capital partners we've assembled and the high-quality acquisitions that are now part of our team. Service and reliable equipment are the keys to success in the oilfield. We believe we have acquired not only quality equipment but also the best people in the industry. Stallion is responding to our customers and will continue to develop our service offering to provide Everything But the Rig."
With over 180 employees in 10 locations and approximately 450 land-based rig support housing units, a fleet of surface rental equipment and significant solids control capability including closed-loop systems, Stallion becomes the leading provider of auxiliary rentals and services of all phases of oil and gas operations in areas in which it is located.
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