Wellsite Rental Services Receives Growth Equity Investment from NGP Energy Technology Partners
BROUSSARD, Louisiana — Wellsite Rental Services, LLC (“Wellsite,” or the “Company”) today announced that the Company has received an equity investment from NGP Energy Technology Partners (“NGP ETP”) and the Wellsite management team. Wellsite provides oilfield rental equipment to its customers in the oil & gas industry. The Company provides rental tubing & associated handling tools, specialty trailers, cooling and heating trailers, variable bore rams and other equipment being designed to reduce drilling and completion costs. Wellsite is based in Broussard, Louisiana, and has additional facilities in Tulsa, Oklahoma, and Victoria, Texas. The company, founded by Kirby Arceneaux, is led by a talented, well respected management team with over 100 years of collective experience in the oil & gas service business. Fred Fondren and Jessica Roger, initial investors in the company, also strengthen Wellsite’s leadership team. Mark Johnson, President of Wellsite, has recently joined the leadership team after senior executive roles at CSI Inspection, Allis Chalmers, and Oil & Gas Rental Services.
”Wellsite Rental Services is led by a seasoned team of oilfield service executives with proven track records of delivering value to customers and a commitment to health, safety and quality standards,” said its Chairman, Kirby Arceneaux. “We are excited to partner with NGP ETP again to build a company with first-class customer service, personnel and equipment. NGP ETP’s capital and its experience partnering with growing oilfield service companies will help Wellsite expand its footprint and product offering while responding quickly to its customers and delivering the best solution. Our success is driven by providing our customers with the highest quality services in the industry.”
”We are very excited about our partnership with the Wellsite management team and for the opportunity to partner with Kirby again,” said Michael LeBourgeois, Managing Director of NGP ETP. “By combining the industry expertise of the Wellsite team with the resources and experience of the NGP ETP platform, we anticipate significant long-term growth potential and look forward to working side-by-side with Kirby and the team to build the business.” Phil Deutch, Managing Partner of NGP ETP, added, “NGP ETP was formed with the thesis that a core focus of energy technology investing is deploying capital in innovative and compelling products and services targeting the oil and gas industry. We believe Wellsite is a prime example of this strategy.”
About NGP Energy Technology Partners
NGP Energy Technology Partners (“NGP ETP”) is a private equity firm that invests in companies that provide products and services to the oil and gas, power, environmental, energy efficiency and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by professionals that have extensive experience investing across the energy industry. NGP ETP partners with experienced management teams executing on compelling strategic plans and works with them to drive significant value creation. NGP ETP is affiliated with NGP Energy Capital Management (“NGP ECM”), a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in committed capital since 1988. NGP ECM’s investment platform includes Natural Gas Partners, NGP Global Agribusiness Partners, NGP Capital Resources Company (NASDAQ: NGPC) and NGP Energy Technology Partners. NGP ETP is headquartered in Washington, DC and has an office in New Orleans, Lousiana. www.ngpetp.com