SOURCE: Quantum Energy Partners
HOUSTON, TX--(Marketwire - Jul 9, 2012) - Quantum Energy Partners ("Quantum"), a leading energy private equity firm, is pleased to announce the acquisition of a majority stake in Phoenix Services, LLC ("Phoenix"), an oilfield services company headquartered in Houston, Texas.
Phoenix was formed in 2009 and provides fluids management and wellsite services, including water transport, frac tank rentals, workforce accommodations, water transfer services and crude oil hauling to E&P operators in the Eagle Ford, Permian, Barnett, Marcellus and central Texas. As part of the transaction, both Quantum and management have committed a significant amount of incremental equity capital to grow the business, with intentions to add to the Company's service offering and geographic exposure.
Phoenix is led by an experienced management team anchored by three leading oilfield service entrepreneurs, Reece Boudreaux, Mark Fisher and Terry Pruitt, each of whom have built substantial fluids management/wellsite service franchises before combining to form Phoenix. Their team has worked together for over eight years. Mark Fisher, the Company's CEO, has a proven track record, with 28 years of experience acquiring and growing private oilfield service companies.
"We are excited to join forces with Quantum," said Mark Fisher. "We have believed for some time now that Phoenix had tremendous prospects for profitable growth and the capability to provide increased service coverage to our customers but lacked the capital to seize many of the opportunities available to us. We are now confident in our ability to add to our base business as well as make attractive acquisitions in other basins and complementary service lines."
Bill Montgomery, Managing Director at Quantum, commented, "We are excited to be partnering with such an accomplished team. We believe Phoenix provides us a tremendous platform for growth as E&P operators continue to focus on developing plays requiring a higher emphasis on fluids logistics."
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity to the global energy industry. Since inception, Quantum and its related parties have managed over $6.5 billion in energy investments. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.
About Phoenix Services
Formed in 2009, Phoenix provides fluids management and wellsite services, including water transport, frac tank rentals, workforce accommodations, water transfer services and crude oil hauling to E&P operators. For more information on Phoenix, please contact Mark Fisher at (713) 952-5533.