Pilot Flying J buys CIVC’s stake in Equipment Transport

Pilot Flying J has acquired CIVC Partners‘ equity stake in Carlisle, Pennsylvania-based Equipment Transport LLC, a provider of critical services supporting the drilling, completions and production programs of exploration and production companies. No financial terms were disclosed. Houlihan Lokey served as financial adviser to Equipment Transport on the deal.


KNOXVILLE, Tenn., Nov. 28, 2018 /PRNewswire/ — PDPS LLC d/b/a PWT, a subsidiary of Pilot Flying J, the largest North American operator of travel centers and the fourth-largest tanker fleet in the U.S., today announced the purchase of equity interests in Equipment Transport, LLC (“ET” or the “Company”) from CIVC Partners, LP (“CIVC”). This acquisition is one of many strategic partnerships made by Pilot Flying J this year to extend its core logistics business and grow its service offerings in the exploration and production (E&P) sector.

“ET is an exceptional wellsite services platform with a strong reputation for outstanding customer service,” said Shameek Konar, chief strategy officer at Pilot Flying J. “Incorporating ET into our Oil Field Logistics platform provides comprehensive, reliable and cost-effective logistical solutions to the Oil and Gas industry. With Pilot Flying J’s fleet size, safety record, balance sheet and geographic reach across all major oil and gas basins, we hope to enhance ET’s ability to grow its customer base across multiple basins.”

CEO and founder Dave Florance and the rest of ET’s management team will continue to lead the Company as it serves its customers as a one-stop provider of reliable, safe and fully compliant services.

ET, founded in 2007, is a Carlisle, PA-based provider of critical services supporting the drilling, completions, and production programs of exploration and production companies. The Company brings significant value to its customers in the Marcellus and Utica Shales and the Permian Basin through a broad service offering that includes fluid transportation, waste management, and ancillary pad support services. Collectively, ET serves its more than 70 customers through six locations with a highly trained workforce of over 500 employees.

“Since its founding, Dave Florance and the ET management team have grown the business into a best-in-class provider of critical wellsite services, while outperforming the broader oilfield services industry and delivering exceptional organic growth,” said Keith Yamada, partner at CIVC. “We have built a strong partnership over the last six-plus years and know we’ve found the right partner in Pilot Flying J to continue to support ET’s future expansion.”

In June of this year, Pilot Flying J entered into a JV with Produced Water Transfer LLC to form PDPS, operating under the name PWT, and in July acquired Bridger Environmental Services LLC a water disposal platform and the crude transportation assets of Bridger Transportation. Today, Pilot Flying J and its subsidiaries operate more than 500 trucks and a dozen saltwater disposal wells, providing logistics and disposal services to customers in the Permian, Eagle Ford, Marcellus and Haynesville shales as well as in Wyoming and Utah.

Houlihan Lokey Capital served as financial adviser and Winston & Strawn LLP served as legal adviser to ET. Bracewell LLP served as legal adviser to Pilot Flying J.

To learn more about Pilot Flying J, visit www.pilotflyingj.com or download the Pilot Flying J mobile app.

About Pilot Flying J
Pilot Flying J, the largest operator of travel centers in North America, is committed to connecting people and places with comfort, care and a smile at every stop. Headquartered in Knoxville, Tennessee, Pilot Flying J has more than 750 retail locations in 44 states, Roadside assistance available at over 145 locations nationwide and growing as part of its Truck Care program, 44 Goodyear Commercial Tire and Service Centers, and 34 Boss Shops. The Pilot Flying J network provides drivers with access to more than 72,000 parking spaces for trucks with Prime Parking at more than 400 locations, 5,200 deluxe showers and more than 6,200 diesel lanes with 5,200 offering Diesel Exhaust Fluid (DEF) at the pump. Pilot Flying J is currently ranked No. 14 on Forbes’ list of America’s Largest Private Companies. Visit www.pilotflyingj.com for more information.

About CIVC Partners, L.P.
CIVC Partners is a Chicago-based private equity firm investing in high growth middle market companies in the business services and financial services sectors. Since 1989, the team has invested $1.6 billion and currently invests from CIVC Partners Fund V. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.

About Houlihan Lokey
Houlihan Lokey (NYSE: HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, valuation, and strategic consulting. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is ranked as the No. 1 M&A advisor for all U.S. transactions, the No. 1 global restructuring advisor, and the No. 1 global M&A fairness opinion advisor over the past 20 years, according to Thomson Reuters.