HOUSTON and LAFAYETTE, La.
and SANTA MONICA, Calif.,
Nov. 16, 2018 /PRNewswire/
--Clearlake Capital Group, L.P. (together with its affiliates,
"Clearlake"), a leading private
investment firm, today announced the formation of Knight Energy
Services ("Knight Energy" or the "Company") through the merger of
its portfolio companies IronGate Energy Services and Knight Oil
Tools. The newly-formed Knight Energy is one of the largest
independent rental tool companies serving the North American oil
and gas industry.
Knight Energy, headquartered in Houston, Texas, provides a full suite of
rental and tubular services, manufacturing packages, drilling jars,
inspection, hardbanding, and safety training to onshore and
offshore producers in the North American oil and gas industry.
Dwight Gross, previously President
and CEO of IronGate, serves as Knight Energy's President and CEO,
and Kirk Brassfield, formerly the
CFO of IronGate, serves as CFO of Knight Energy.
"By combining the leading provider of rental and tubular
services to E&P operators with one of the largest privately
held rental tool companies in the oil and gas industry, we have
created a full-service rental powerhouse that meets the end-to-end
needs of the energy industry," said Gross. "Clearlake has brought tremendous strategic
vision and financial support, and as a combined company with a
stronger balance sheet, we look forward to new opportunities as we
continue to provide our customers with the highest levels of
attention and service."
"IronGate and Knight are a natural fit, and we are pleased to
bring these two companies together as Knight Energy, a new leader
in the North American oil and gas industry," said José E.
Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner, at Clearlake. "With an experienced management
team and greater financial strength, the new Knight Energy offers
oil and gas customers a complete line of rental solutions. We look
forward to building on this exciting platform as we leverage our
proven O.P.S.® approach and position the Company
for its next phase of growth."
About Clearlake
Clearlake Capital Group, L.P.
is a leading private investment firm founded in 2006. With a
sector-focused approach, the firm seeks to partner with world-class
management teams by providing patient, long-term capital to dynamic
businesses that can benefit from Clearlake's operational improvement approach,
O.P.S.® The firm's core target sectors are
industrials and energy; software and technology-enabled services;
and consumer. Clearlake has
managed over $8 billion of
institutional capital since inception and its senior investment
principals have led or co-led over 100 investments. More
information is available at www.clearlake.com.
About Knight Energy Services
Knight Energy Services,
headquartered in Houston, is one
of the largest independent rental tool companies serving the North
American oil and gas industry. The company provides a complete
range of rental products for drilling and production applications,
handling tools, surface pressure control equipment, a comprehensive
suite of casing and tubing services, manufacturing packages,
drilling jars, inspection, hardbanding and safety training. Knight
Energy prides itself on its high quality equipment and its
dedication to customer service and safety. For more information,
please visit www.irongatees.com and www.knightoiltools.com.
Media Contacts:
Blicksilver Public Relations
Kristin Celauro
732-433-5200
kristin@blicksilverpr.com
Jennifer Hurson
845-507-0571
jennifer@blicksilverpr.com
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SOURCE Clearlake Capital Group, L.P.