Rock Hill Capital and its portfolio company, Park Energy Services, led by president and CEO, Tim Knox, completed its second acquisition in less than a year with the purchase of substantially all the assets of San Antonio-based Great Texas Compression.
Debt financing for the transaction was secured under an expanded senior credit facility provided by Regions Bank, UMB Bank, Century Bank and Third Coast Bank SSB. Legal representation for the transaction was provided by Winston & Strawn.
The transaction further enhances Park Energy’s strategic position in South Texas and provides additional service density throughout the company’s existing operating footprint in the region. Furthermore, the transaction expands Park Energy’s diverse customer base and enhances its service capabilities.
The transaction marks the continued execution of Park Energy’s strategy to become a leading provider of compression for well head, gas-lift, vapor recovery, flash gas and other production applications, supporting its customers in the reduction of emissions through the capture of hydrocarbon vapors that would otherwise be vented or flared. The transaction with Great Texas aligns with Park Energy’s objectives of continued growth through targeted and purposeful acquisitions conducted at appropriate purchase multiples with attractive financing terms.
