Denver-based private equity firm Lariat Partners, LP announced today
that it has signed a definitive agreement to acquire Newpark
Environmental Services, LLC (NES) for $100 million. NES is currently a
division of Newpark Resources, Inc. (NYSE: NR), based in The Woodlands,
TX. Through the newly formed ECOSERV, LLC, Lariat will merge NES with
its Abbeville, LA-based portfolio company, Offshore Cleaning Systems,
LLC (OCS), a leader in the offshore oil and gas specialty cleaning
industry. ECOSERV will combine the Gulf of Mexico’s leader in offshore
cleaning services with the region’s leader in offshore waste disposal,
creating the only integrated, turnkey environmental cleaning and waste
disposal services provider.
Lariat Managing Partner Kevin Mitchell said, “With its vertically
integrated business model, ECOSERV will create the most compelling value
proposition in the upstream oil and gas industry Lariat’s strategy with
all of its investments is to enhance value for our customers and the
formation of ECOSERV accomplishes that in every way.”
Kenny DesOrmeaux, founder and CEO of OCS, will be CEO of ECOSERV, which
will be headquartered in Lafayette, LA and operate out of 14 locations
throughout the Gulf Coast and Permian Basin in West Texas. “We believe
the talented employees and management of both OCS and NES create a truly
best-in-class company. We look forward to demonstrating to our customers
the service and value of ECOSERV,” he said. Additional information on
ECOSERV can be found at http://www.ecoserv1.com.
About Lariat Partners
Founded in January 2013 by Jay Coughlon and Kevin Mitchell, Denver-based
Lariat Partners is a private equity firm focused on redefining the
private equity experience with entrepreneurs in the lower-middle market.
With its People First, Strategy Second relationship philosophy
and its CORE Investment Strategy targeting COnsolidations, COnsumables
and REcurring REvenue businesses, Lariat offers a differentiated
approach to partnering with entrepreneurs and growing their businesses.
The firm targets companies across a number of industries, including
Specialty Agriculture and Energy & Environmental Services. For more
information, visit www.lariatpartners.net.
Copyright Business Wire 2014