MidCentral Energy Partners has announced a strategic financial partnership with Orion Energy Partners. The senior secured credit facility from Orion Energy will provide MidCentral with capital to support both the organic expansion of its market-leading pressure control business and select strategic growth opportunities in adjacent businesses.
MidCentral is an Oklahoma City, OK-based company focused on providing pressure control equipment and services through the life cycle of a well, with a focus on the drilling stage in the Permian and SCOOP/STACK, two of the lowest cost and most active basins in the U.S.
Orion Energy provides creative capital solutions to middle market energy infrastructure businesses across North America and select international markets.
“Our partnership with Orion Energy positions MidCentral to accelerate our growth and optimize our market-leading offering of critical equipment and services, which continue to be in high demand,” said Kristian Kos, MidCentral’s CEO. “The capital and support provided by Orion Energy positions MidCentral to execute on this exciting opportunity in front of us.”
“Orion Energy is excited to announce its new partnership with MidCentral. The MidCentral leadership team has driven impressive growth with a first-class customer base, primarily through a disciplined focus on operational excellence and safety,” said Rob Rusk, co-founder and partner at Orion Energy.
“We look forward to supporting MidCentral as they continue to build out their industry leading pressure control platform.” Ethan Shoemaker, investment principal and head of the Houston office for Orion Energy added, “We are very pleased to partner with such a creative and thoughtful owner-operator.”
Covington & Burling LLP acted as legal counsel to MidCentral. Simmons Energy, a division of Piper Jaffray & Co., served as exclusive financial advisor to MidCentral. Simmons Energy also served as sole placement agent on the transaction.
Latham & Watkins LLP acted as legal counsel to Orion Energy.
