Middle market buyout shop Ridgemont Equity Partners has partnered with Unitex Oil and Gas, and closed the acquisition of oil assets in Scurry County, Texas. Unitex was formed to acquire and develop producing properties in the Permian Basin. The financial terms of the Scurry County transaction were not disclosed.
Ridgemont Equity Partners, a middle market buyout and growth equity firm, today announced the formation of a new partnership with Unitex Oil and Gas’ management team and the closing of the partnership’s first acquisition of conventional oil assets in Scurry County, Texas. Unitex was formed to acquire and develop producing properties in the Permian Basin. The financial terms of the Scurry County transaction were not disclosed.
Unitex was founded by David Wilson in 2003 and is headquartered in Midland, Texas. The company seeks to create value through optimizing operations and increasing production through workovers and the drillbit. The company will target acquisitions in and around the Midland Basin. The Scurry County acquisition fits well with the company’s history and focus.
“Ridgemont is delighted to partner with David and his team,” said John Shimp, a Partner at Ridgemont. “Unitex brings the right skill set and the attention required to improve the performance of the mature oil fields it hopes to acquire.”
“I am excited to partner with Ridgemont and grow Unitex’s assets with their financial backing,” said David Wilson, the CEO of Unitex. “Ridgemont shares management’s vision for the company. I look forward to continuing to leverage their knowledge and support.”
K&L Gates LLP and King & Spalding LLP acted as legal advisors to Ridgemont.
Unitex Oil and Gas (“Unitex”) is an upstream exploration and production company located in Midland, Texas, led by David Wilson. Since 2003, the company has been investing in and improving the production of conventional oil assets in the Permian Basin. www.unitexoilandgas.com
About Ridgemont Equity Partners:
Ridgemont Equity Partners is a Charlotte-based private equity firm that specializes in middle market buyout and growth equity investments. Since 1993, the principals of Ridgemont have invested over $3 billion in more than 110 companies. The firm focuses on investments of $25 million to $75 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare, and telecommunications/media/technology.