Coastal Chemical, a company focused on serving the upstream, midstream and downstream segments of the oil and gas industry and a subsidiary of Brenntag, has bought Tech Management, a provider of chemical services in upstream oil and gas markets, from Gravity, a portfolio company of Clearlake Capital Group.
The sale of Tech Management looks to help Gravity focus on water logistics and power generation business lines.
“This transaction represents a strategic step for Gravity as we focus on accelerating growth in our water and power infrastructure businesses while enabling Tech Management to continue to grow its capabilities under Coastal Chemical and Brenntag,” says Rob Rice, president and CEO of Gravity.
PPHB LP acted as financial advisor and Vinson & Elkins LLP acted as legal advisor to Gravity and Clearlake.