National private equity firm Lariat Partners has formed Ecoserv, an integrated environmental cleaning and waste disposal provider, by merging Newpark Environmental Services with Offshore Cleaning Systems (OCS).
Kenny DesOrmeaux, founder and CEO of Los Angeles-based OCS, will become CEO of Ecoserv, which will be headquartered in Lafayette, LA and operate out of 14 locations throughout the Gulf Coast and Permian Basin of West Texas.
"Ecoserv uses applied science to provide the safest and most environmentally friendly way of managing oilfield refuse. By combining the efforts of these two industry innovators, we have the scale, breadth, and capabilities to offer a streamlined and hyper-compliant waste disposal system," DesOrmeaux says. "We're pioneering a solution that includes EPA-approved processes but takes them a step further."
Lariat managing partner Kevin Mitchell says: "With its vertically integrated business model, Ecoserv will create the most compelling value proposition in the upstream oil and gas industry. Lariat's strategy for all of its investments is to enhance value for our customers, and the formation of Ecoserv accomplishes that in every way."
A definitive purchase agreement has been signed for the merger between NES and OCS, with the full deal expected to be executed within 30 days. The formation of Ecoserv is anticipated to create as many as 100 new jobs in Acadiana.
