The Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings, has completed the acquisition of USA Compression, a natural gas compression services company headquartered in Austin and Dallas, Texas.
The terms of the transaction were not disclosed.
Founded in 1998, USA Compression is the largest pure-play contract compression service provider in the US, with approximately 610,000 horsepower of compression equipment deployed across 13 states in the Central and Northeast regions.
Eric D. Long, chief executive of USA Compression, says: "We are pleased to partner with Riverstone, an organisation with deep knowledge and experience in the midstream sector. Riverstone’s demonstration of confidence in our team and business plan represents an exciting opportunity for USA Compression to continue our history of stable and profitable growth as we take our company to the next level. Riverstone shares our customer-centric focus driven by operational excellence."
Pierre Lapeyre and David Leuschen, co-founders of Riverstone, added: "USA Compression’s strategy is consistent with Riverstone’s approach of partnering with companies with successful management teams and strong growth prospects supported by industry fundamentals. We are looking forward to working with the management and employees of USA Compression to expand the business."
