Private equity firm Ridgemont Equity Partners and Unitex Oil and Gas have closed on their acquisition of oil assets in Scurry County, Texas.
The deal is the first for the newly-formed partnership that started in July, according to Ridgemont partner John Shimp. Terms were not disclosed.
Under the terms of the partnership, Ridgemont has committed capital to Unitex to make oil property acquisitions.
Midland, Texas-based Unitex is an upstream oil exploration and production company formed to acquire and develop properties in the Permian Basin.
Ridgemont, headquartered in Charlotte, N.C., has invested more than $3 billion in more than 110 companies. The firm focuses on investments of $25 million to $75 million in the services, energy, healthcare and telecommunications industries.
K&L Gates LLP and King & Spalding LLP acted as Ridgemont’s legal counsels.