Houston-based OFS Energy Fund announced Oct. 16 its investment in Pro Oilfield Services LLC, which included the legal merger of Maxx Oilfield Services (an affiliate company) into Pro concurrent with closing.
The proceeds from OFS Energy Fund III’s preferred equity investment will recapitalize the company and provide significant growth equity to fund the company’s strategic growth initiatives.
Pro is headquartered in Houston, with field offices in Beeville and Midland, Texas, Shreveport, La., and New Castle, Pa. The company is currently active in the Marcellus, Utica, Haynesville, Eagle Ford shales and the Permian Basin.
Pro was founded in 2011 by Darrell Brewer, an oilfield services industry veteran who has previously founded, built and sold six oilfield service companies. Brewer, who will continue as CEO, and the existing management team will remain with the company and are rolling a significant amount of equity.
Pro’s current service offerings include wireline, wireline lubricators, surface drilling, solids control, mixing plants/chemicals, and torque and test services. The proceeds from OFS’s investment will fund the continued growth of the company’s existing business lines, as well as the company’s expansion into frack stack rental and related flow control services.
Bruce Ross, managing partner of OFS, said in a statement, “We are pleased to have the opportunity to partner with professional managers like Darrell and his team. They exhibit the attributes of most highly successful enterprises; they are professional, focused, passionate about their business and clients, and resourceful. OFS is excited to be a part of the company’s next phase of growth. In addition, we are pleased that one of our LP’s, Cornelius “Corny” Dupre, will co-invest with OFS and join the board of directors of Pro. Corny has a long history of successfully participating in the growth of private and public oil service companies, including many years at National Oilwell.”
Brewer, CEO of Pro, added, "I felt comfortable entering a partnership with OFS because they are focused on energy service and equipment investments, have experience with operation of middle market energy service companies and have significant capital resources to support our business. OFS delivered the deal they committed and closed our transaction efficiently.”
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