Clearlake Capital Group has announced the formation of Knight Energy Services through the merger of its portfolio companies IronGate Energy Services and Knight Oil Tools.
The newly-formed Knight Energy is one of the largest independent rental tool companies serving the North American oil and gas industry.
Knight Energy, headquartered in Houston, Texas, provides a full suite of rental and tubular services, manufacturing packages, drilling jars, inspection, hardbanding, and safety training to onshore and offshore producers in the North American oil and gas industry.
Dwight Gross, previously President and CEO of IronGate, serves as Knight Energy’s President and CEO, and Kirk Brassfield, formerly the CFO of IronGate, serves as CFO of Knight Energy.
Gross said: “By combining the leading provider of rental and tubular services to E&P operators with one of the largest privately held rental tool companies in the oil and gas industry, we have created a full-service rental powerhouse that meets the end-to-end needs of the energy industry.
“Clearlake has brought tremendous strategic vision and financial support, and as a combined company with a stronger balance sheet, we look forward to new opportunities as we continue to provide our customers with the highest levels of attention and service.”
“IronGate and Knight are a natural fit, and we are pleased to bring these two companies together as Knight Energy, a new leader in the North American oil and gas industry,” said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner, at Clearlake. “With an experienced management team and greater financial strength, the new Knight Energy offers oil and gas customers a complete line of rental solutions. We look forward to building on this exciting platform as we leverage our proven O.P.S. approach and position the Company for its next phase of growth.”
Source: Company Press Release