Private equity-backed IronGate Energy Services has acquired Green Light Energy Services.
Austin-based Green Light provides rental services to oil and gas exploration and production companies in the Williston Basin in North Dakota. The rentals include pressure control, completion and production-related equipment. Terms of the transaction were not disclosed.
The deal allows Houston-based IronGate to expand into the Williston Basin. The buyer also provides equipment rentals to oil and gas companies.
IronGate is backed by private equity firm Clearlake Capital Group LP. Clearlake, headquartered in Los Angeles, manages about $1.4 billion in capital. In June, Clearlake, through IronGate, closed a $244 million deal for the rental and tubular division of Archer Ltd.
Clearlake recently acquired stakes in PrimeSports Inc., in January.
As things heat up in the energy sector, companies have been making deals for businesses that provide oil and gas services. Recent transactions include Kohlberg Kravis Roberts & Co. LP’s (NYSE: KKR) deal for a stake in Torq Energy Logistics Ltd., which operates transloading terminals in Canada, and DXP Enterprises Inc.’s (Nasdaq: DXPE) deal for pump manufacturer B27 LLC.
Mark Johnson, Stephen Hardin, Michael Nguyen and Jett Aubrey of Houlihan Lokey acted as Green Light's financial advisers on the deal.