FMI Capital Advisors is pleased to announce the merger of Covenant Testing Technologies with Stuart Pressure Control to form the premier provider of well flow and sand management and pressure control solutions in the Permian Basin and other top U.S. oil and gas-producing areas. FMI Capital Advisors served as the exclusive financial advisor to Covenant for this transaction.
The transaction, which recently closed, is a debt-free, equity-for-equity combination whereby Catapult Energy Services Group, an NGP and NGP Energy Technology Partners portfolio company, and White Deer Energy affiliates will partner together under common equity ownership in Covenant.
Covenant now represents the leading provider of flowback, production and sand management, and pressure control products and associated services. The combined company’s blue-chip customer base will benefit from the expanded product and service offerings to deliver superior value to their completion, production and workover applications. The combined platform drives deeper focus and
talent into the areas Covenant and Stuart are known for— well flowback and pressure control.
About Covenant Testing Technologies
Covenant combines high-quality equipment and leading technology with some of the most skilled and knowledgeable operators in the business. Covenant provides best-in-class flowback and well testing services with a special focus on horizontal and pad drilling for the upstream oil and gas services industry. Learn more at Covenant Testing Technologies’ website.
About Catapult Energy Services Group
Catapult uses an innovative approach to invest in startups, acquisitions and workout situations in the oilfield services sector. Led by experienced OFS professionals, Catapult is funded by NGP and NGP Energy Technology Partners. Learn more at Catapult Energy Services Group’s website.
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with over $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. Learn more at NPG’s website.
About NGP Energy Technology Partners
NGP Energy Technology Partners (NGP ETP) invests equity capital for growth and buyout transactions in companies that provide products and services to the oil and gas, power, environmental, energy efficiency and alternative energy sectors. Learn more at NGP Energy Technology Partners’ website.
About Stuart Pressure Control and White Deer Energy
Stuart Pressure Control offers a complete pressure control package for unconventional oil and gas development. Stuart’s customers benefit from the cost savings associated with purchasing complete pressure control services from one vendor, as well as from their safer and more efficient well site environments. Stuart was a portfolio company of White Deer Energy, a leading energy, industrials,
and infrastructure focused private equity firm that has raised in excess of $2.7 billion in committed capital since inception. White Deer will continue to be a shareholder in Covenant. Learn more at White Deer Energy’s website.
About FMI Capital Advisors
FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm dedicated to the Built Environment. With more than 750 completed M&A transactions, our industry focus enables us to maximize value for our clients through our deep market knowledge, strong technical expertise and an unparalleled network of industry relationships.
FMI Capital Advisors’ Energy Service & Equipment Group provides M&A, private equity and debt placement, and other financial advisory services to companies that provide services and products to the energy and other process industries. Across upstream, midstream and downstream oil and gas and other energy and process-related industries, FMI serves:
- Public companies, private companies and private equity firms
- U.S. and international-based organizations
- Onshore and offshore focused businesses
For more information, visit FMI Capital Advisors.
FMI Capital Advisors Contacts
Barry Donovan, Managing Director, Energy Service & Equipment
Michael Chevalier-White, Managing Director, Energy Service & Equipment