DALLAS, March 11, 2019 /PRNewswire/ -- Tailwater Capital
LLC ("Tailwater"), an energy-focused private equity firm based in
Dallas, today announced the sale
of Petro Waste Environmental to WM Energy Services Holdings, LLC,
an indirect wholly owned subsidiary of Waste Management, Inc.
(NYSE: WM). Terms of the transaction were not disclosed.
Based in San Antonio, Texas,
Petro Waste Environmental was originally funded by Tailwater
in 2014 in partnership with founder and CEO George Wommack, and has since grown to become a
leading provider of comprehensive oilfield environmental services
and solid waste disposal serving the Permian Basin and Eagle Ford
Shale Play, two of the most economically active oil and gas
producing regions in the U.S.
"We could not be more pleased with the success of Petro Waste
Environmental, which is now the premier landfill operator in the
Permian Basin," said Edward Herring,
Co-Founder and Managing Partner of Tailwater Capital. "At
Tailwater, we have an exceptional track record of developing
greenfield oilfield infrastructure by leveraging our relationships
and knowledge within the upstream sector. We are pleased with the
success of the business and the value we have delivered for our
investors and for the entire Petro Waste Environmental team."
"Over the last five years, Petro Waste Environmental undertook
an unprecedented effort to develop a network of long-lead landfill
facilities across the two most prolific shale basins in the U.S.
This required extensive regulatory and operational expertise from
the management team as well as deep upstream knowledge and
commitment from Tailwater to develop strategically located
facilities during a volatile period in the oil and gas sector,"
said David Cecere, Partner at
Tailwater Capital and Director of Petro Waste Environmental.
"Today, our efforts have resulted in rapid market capture,
differentiated customer service and an unwavering commitment to
environmental stewardship in a rapidly-evolving industry. We
believe the company is well positioned to enter its next phase of
strategic growth under new ownership."
Since inception, Petro Waste Environmental has organically
permitted five landfills, acquired two landfill permits, and built
five state-of-the-art facilities, strategically increasing its
footprint and proximity to exploration and production activity in
the West Texas region while
improving its service and disposal capabilities for its valued
customers.
"We are very proud of our work with the team at Tailwater
Capital, whose support has been a critical factor in our business'
success. From day one, Tailwater shared in our vision of building
one of the most scalable oilfield solid waste-processing and
disposal platforms in the industry," said George Wommack, Chief Executive Officer of Petro
Waste Environmental. "We are pleased that our employees will have
the opportunity to continue to build on our success under Waste
Management ownership and expand upon the essential services we
provide to our customers and the communities in which they
operate."
About Tailwater Capital LLC
Dallas-based Tailwater Capital is a
growth-oriented energy private equity firm with a well-established
track record of working constructively with proven management teams
to deliver value-added solutions. Tailwater currently manages more
than $2.7 billion in committed capital and the team has
executed more than 100 energy transactions in the upstream and
midstream sectors representing over $19 billion in
transaction value. For more information, please visit
www.tailwatercapital.com.
Contact
Jon Keehner /
Julie Oakes / Kate Clark
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Tailwater Capital LLC