BOSTON, Oct. 6, 2015 /PRNewswire/ -- Hastings Equity
Partners ("Hastings"), a private equity firm focused on investing
in lower middle market energy services and equipment companies, is
excited to announce its fourth Fund III platform investment in
Hybrid Tool Solutions, LLC ("Hybrid").
Headquartered in Lindsay,
Okla., Hybrid provides its customers with a patent pending,
revolutionary process for conducting frac plug drill outs. The
Hybrid Tool is the most advanced system on the market because it
simplifies the steps involved in stick pipe drill outs and tube
ups. In addition to saving time, Hybrid offers its customers a
higher safety standard and significant cost savings. Hybrid is
active in the Marcellus Shale, Utica Shale and Mid-Continent.
"The Hybrid management team has done a terrific job establishing
a market leading position in the Marcellus and Utica Basins in just
over two years through its patent pending well completion process,"
said Ted Patton, managing director
at Hastings. "We are looking forward to partnering with them to
expand throughout the rest of the U.S. oilfield and beyond."
"Hybrid is an innovative company whose founders possess almost
100 years of completion engineering and oilfield consulting
experience," said Belo Kellam,
co-founder of Hybrid. "We've built Hybrid to provide cost savings
and best-in-class safety for our customers."
"We decided to partner with Hastings to get the assistance we
need in expanding our organization and to reach into new basins,"
said Leslie Howell, co-founder of
Hybrid. "Through their extensive network, we believe we will
accelerate our growth even in this challenging oilfield
environment."
"With over 800 wells successfully completed using our patent
pending process, Hybrid is well positioned to continue to expand
its customer base and geographic presence," said Red Kennedy, co-founder of Hybrid. "Hybrid will
soon be the standard for plug drill out operations."
Financing for Hybrid was provided by Cadence Bank, and advisory services were
provided by ADI Analytics LLC, Sheffield, Trackwell, and Rapp LLC and Locke
Lord LLP.
About Hastings Equity
Hastings Equity Partners is a private equity firm focused
on investing in lower, middle-market energy services and equipment
businesses. Hastings' approach is to leverage the extensive
operational experience of the firm's managers and investors, many
of whom are active or former CEOs of Fortune 1000 companies. In
addition, due to the firm's expanding portfolio of oilfield
services companies, it is able to share best practices, technology
trends and contacts across its platform to ensure that all of its
investments benefit. Hastings strives to help its portfolio
companies create sustained value for their employees, customers,
and investment partners. Learn more at www.hastingsequity.com.
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SOURCE Hastings Equity Partners