PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Hastings invests in Reach Wireline

Hastings Equity Partners (Hastings), a private equity firm focused on investing in lower, middle-market energy services and equipment companies, has made its ninth Fund III platform investment, in Reach Wireline (Reach).  

 
Based in Fort Worth, Texas, Reach is a leading provider of Cased Hole Wireline services in the Permian, Mid-Continent and Marcellus regions. Founded in 2017 by an experienced executive management team led by Chief Executive Officer Chris Payson, Reach is a technologically differentiated service provider that offers leading edge greaseless cable. The company specialises in extended laterals, highly deviated wells and complex completion designs. Reach maximises efficiencies for its customers by focusing on safety, performance and operational risk. 
 
“We are thrilled to partner with the talented team at Reach,” says Ted Patton, managing director of Hastings. “Reach’s highly technical capabilities, excellent safety culture and blue-chip customer base position Reach as the premier provider of Cased Hole Wireline services in the United States. With the leadership of Chris Payson, Reach has an extremely bright future.”
 
Since its inception in 2017, Reach has made excellent progress executing its organic growth strategy and successfully acquiring Rush Wellsite Services and Precise Pressure Control. These acquisitions brought immediate scale to Reach’s Cased Hole Services and pumpdown operations in key target markets. Reach currently operates in the three most prolific shale plays in the United States. 
 
“We bring market leading technology and unparalleled service to our customers with Reach X10 greaseless cable and proprietary modelling software. Prior to starting Reach, I was involved in a highly successful wireline company, CDK Perforating, which today is the wireline division of Nine Energy Services. Our team has more than 200 years of experience in the complexities of Cased Hole Wireline,” says Chris Payson, founder and chief executive officer of Reach. “Exploration and production companies are constantly advancing lateral lengths and well designs. Reach services depths beyond 30,000 feet and maximises efficiencies for its customers, where traditional wireline companies cannot operate effectively. There is no limit to what we can build here at Reach, as our partnership with Hastings allows us to further expand our service capabilities, geographic footprint and culture of best practices.” 

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured