Park Energy, a portfolio company of Rock Hill Capital Group, has bought Oklahoma-based manufacturer Bray Production Services. No financial terms were disclosed.
PRESS RELEASE
HOUSTON–(BUSINESS WIRE)–Park Energy Services, LLC (“Park Energy”) has acquired Oklahoma-based manufacturer Bray Production Services, LLC (“Bray”) in a move to better serve operators with low pressure and vapor recovery applications.
The sale, completed October 23, includes the transfer of Bray’s operations personnel to Park Energy along with all revenue-producing assets — chiefly, a fleet of natural gas compressors more economically suited to operators that handle fewer than 50,000 cubic feet of gas per day (50 Mcf/d).
“We are excited to announce the closing of our acquisition of Bray Production Services, a respected manufacturer and fleet operator of Quincy-based compressor units,” Park Energy CEO Jonathan Mitchell said. “The addition of Quincy reciprocating packages furthers our commitment to field-based optimization.”
The newly purchased 27-horsepower reciprocating compressors will offer Park Energy’s customers a more efficient option for low pressure applications, saving 33% in monthly expenses and cutting capital expenditures by more than 65%.
“Too often, wellhead or vapor recovery compression is oversized, resulting in tremendous inefficiency and lost profits,” Mitchell added. “Park Energy’s focus is, as always, creating value for both our customers and our stakeholders.”
Park Energy expects this latest investment to pay dividends immediately, as there are approximately 200,000 producing wells in the United States that generate up to 50 Mcf/d.
Park Energy Services is a portfolio company of Rock Hill Capital Group.
About Park Energy Services
Headquartered in Oklahoma City, OK, Park Energy Services specializes in data-driven solutions to complex production challenges, such as liquid loading, low field pressure and volatile organic compound emissions. The company’s equipment and field-based approach to production optimization provide operators with unmatched return on investment in today’s production environment.
About Rock Hill Capital Group
Founded in 2008, Rock Hill Capital Group, LLC (“Rock Hill”) is a private equity firm that targets investments in the growing middle to lower middle market with enterprise values up to $75 million. Rock Hill seeks to assist successful entrepreneurial companies located in the southern United States to continue to grow and expand their business.
Currently, Rock Hill has over $140 million of committed capital under management through Rock Hill Capital I, L.P. and Rock Hill Capital II, L.P. Other current portfolio companies include Alpha Technical Services Corporation LLC, Applied Global Technologies, Inc., Big Lake Services, Kiva Kitchen and Bath Holdings, LLC, SouthWaste Services Holdings, LLC, Diversified Well Logging, LLC, Tideland Signal Corporation, Core International, LLC, Duracoatings Holdings, LLC and Park Energy Services.
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