Lariat Partners said Tuesday that its $100 million buy of Newpark Environmental Services, and its merger with Offshore Cleaning Systems, has now closed. The combined NES and OCS entities will be rebranded ecoserv going forward, Lariat said. News of the deal was announced in February.
DENVER–(BUSINESS WIRE)–Denver-based private equity firm Lariat Partners, LP, announced today that the previously announced $100 million acquisition of Newpark Environmental Services, LLC (NES), currently a division of Newpark Resources, Inc. (NYSE: NR), based in The Woodlands, TX, and simultaneous merger with Offshore Cleaning Systems, LLC (OCS), a leader in the offshore oil and gas specialty cleaning industry, is now complete. The combined NES and OCS entities will be rebranded ecoserv, LLC going forward.
The completed deal positions ecoserv, LLC as the Gulf of Mexico’s leader in offshore cleaning services and offshore waste disposal.
Lariat managing partner Kevin Mitchell said, “The negotiations for the merger went smoothly and ecoserv is now the only integrated, turnkey environmental cleaning and waste disposal services provider in the region. Lariat’s strategy with all of its investments is to enhance value for our customers and the formation of ecoserv accomplishes that in every way. We have helped create a truly best-in-class company.”
About Lariat Partners
Founded in January 2013 by Jay Coughlon and Kevin Mitchell, Denver-based Lariat Partners is a private equity firm focused on redefining the private equity experience with entrepreneurs in the lower-middle market. With its People First, Strategy Second relationship philosophy and its CORE Investment Strategy targeting COnsolidations, COnsumables and REcurring REvenue businesses, Lariat offers a differentiated approach to partnering with entrepreneurs and growing their businesses. The firm targets companies across a number of industries, including Specialty Agriculture and Energy & Environmental Services. For more information, visit www.lariatpartners.net.