Private equity firm Crestview Partners is partnering to form a new company that will invest in the artificial lift industry.

Crestview is partnering with B-29 Investments LP to form Endurance Lift Solutions LLC, which will invest in artificial lift companies. Artificial lifts increase pressure on oil wells to bring oil to the surface. The new company expects to announce its first acquisition in the next few weeks. 

Funds from the two firms will invest up to $200 million in Endurance.

"Crestview and B-29 have extensive experience building large and successful energy companies, and Endurance will offer significant growth capital and industry relationships to entrepreneurs in the sector," says John Schmitz, head of family owned-PE firm B-29.

Crestview Partners, headquartered in New York, has about $6 billion in assets under management. The firm focuses on investing in the media, energy, financial services and health care industries. The firm announced earlier in November that it would exit DSS Group Inc. in a sale to Cott Corp. 

B-29 focuses on investing in oilfield services, exploration and production companies.

Interest in oil and gas services companies has continued for the past few years. Recent transactions in the space include Clearlake Capital Group's acquisition of AmQuip Holdings LLC, and Deltek Logistic Partners LP's (NYSE: DKL) deal for logistics assets from Magellan Midstream Partners LP.    

Energy industry