Tower Arch Capital Completes Recapitalization of Creedence Energy Services
SALT LAKE CITY, Dec. 10, 2019 /PRNewswire/ -- Tower Arch Capital is pleased to announce that it has recapitalized Creedence Energy Services, LLC ("Creedence") in partnership with its founders, Kevin, Wyatt and Malachi Black.
Founded in 2014 and headquartered in Minot, ND with operations in Williston, ND and Odessa, TX, Creedence Energy Services provides production chemicals, acidizing services, and other custom solutions for scale and corrosion prevention to leading oil and gas providers in the Bakken and Permian basins.
Kevin Black, President, said, "Creedence has quickly grown to become a leading player in production chemicals and services in the Bakken. We have consistently found that once a customer utilizes our differentiated chemistry and experiences our superior service, they see the value and give us increasingly more opportunities to grow alongside them. Our team is committed to providing the best possible service and solutions to our customers, and we are fortunate to have them as part of the Creedence organization. We're proud of our growth thus far and look forward to our partnership with Tower Arch Capital as we grow throughout North Dakota and further expand our presence in Texas and other basins to support our current and future customers."
Ryan Stratton, a Partner at Tower Arch Capital, added, "We are thrilled to partner with Kevin Black, Wyatt Black, Malachi Black and their team. Creedence's proactive customer service and customized chemistry has created value for its customers by improving production, reducing costly well failures, and optimizing operational efficiency. This next chapter of growth will be very exciting as we support and invest in Creedence to enhance their service offerings and geographic reach while retaining their exceptional customer relations."
Terms of the transaction were undisclosed. Financing for the transaction was provided by KeyBank. Advisors for Tower Arch Capital included Dorsey & Whitney LLP and RSM US LLP. Advisors for Creedence Energy Services included PPHB Securities, LP and Crowley Fleck, PLLP.
About Creedence Energy Services, LLC
Founded in 2014, Creedence is a leading provider of oilfield production chemicals, acidizing, and other oil field services in the Bakken and Permian basins. The company services oil wells and saltwater disposal wells throughout their lifecycle, providing a comprehensive chemical solution. For more information, please visit www.creedence-energy.com
About Tower Arch Capital
Headquartered in Salt Lake City, UT, Tower Arch Capital is a lower-middle market private equity firm. Tower Arch focuses on partnering with and growing high-quality family and entrepreneur-owned companies to deliver long-term value for their management teams and investors. Tower Arch brings operational, consulting, and financial expertise to small companies to give them the tools they need to achieve their full potential. Target investments include control positions in entrepreneur and family-owned businesses with revenue between $20 million and $150 million or EBITDA between $5 million and $25 million. For more information, please visit www.towerarch.com.
