After more than a decade in investment banking, private-equity, and corporate development, Kevin Cumming felt the entrepreneurial itch. This past December, he and his partner, Jim Goddard, started up a Rockies-based oilfield services company focused on water needs (freshwater and disposal) for E&P operators in the Denver-Julesburg Basin’s Niobrara Shale play.

The two sourced a sizable commitment from Platform Partners, a private-equity firm based in Houston that specializes in capital investments of $10 million to $50 million. Unlike typical private-equity players, Platform is a “perpetual investment company with a permanent capital base.”

Cumming graduated from the University of Texas in his hometown of Austin in 2000 with a major in business (honors) and finance. He entered Merrill Lynch’s two- year investment banking analyst program in Houston and then spent three years back in Austin in public finance and at a software company. In 2005 he took a job with a Houston-based family investment office, Juniper Capital, founded by one of his former bosses at Merrill Lynch. He helped to acquire and grow companies, later shifting to part-time status to attend Rice University’s MBA program.

With graduate degree in hand, he joined Buckeye Partners, a midstream MLP, where he worked in corporate development and M&A. Then the private-equity world beckoned again, and in late 2009, Cumming joined White Deer Energy, which had $800 million under management at the time. A couple of years later, he rejoined former Juniper Capital colleagues to serve as director of corporate development at Select Energy Services, where he helped the company grow to reach eight regions and more than 5,000 employees.

In a recent interview, Cumming described why he took the entrepreneur route and his strategy with the startup, Expedition Water Solutions Inc., he heads as president.

Investor: Your experience in finance gave you options. Why do a startup?

Cumming: I’ve had the entrepreneurial itch for a number of years and made several attempts at it, but this was finally the right time and opportunity. My partner, Jim, is the best in the business in this particular region, and he has the ability to create a lot of value. I’m good at the financial aspects of business and raising capital, so we’re a good fit. We have complementary skill sets that I believe will help us succeed in addressing freshwater and oilfield wastewater disposal needs in the Niobrara and other shale plays.

Investor: Why begin in the Niobrara?

Cumming: That’s where Jim has particular expertise. Additionally, it’s a region that is getting a lot of attention right now. The E&P operators are underserved there, so we’re finding a lot of interest for our services in this market and from the customers my partner has taken care of for years.

Investor: When did Expedition launch?

Cumming: We launched operations in January 2014 with backing from Platform Partners of Houston. It was a bit of a process finding the right capital partner. Platform is just six or seven years old and is not pure energy; we are only its second energy investment. But we’ve made a lot of progress in a few short months. We’re permitting several locations and we’re working to get contracts in place with E&P operators. We’re also working on another transaction that could have us disposing wastewater volumes as early as May.

Investor: Did you always want to own a business?

Cumming: It’s been a journey getting to this point and discovering my interests. My parents both worked for the state of Texas as government employees, so it took a little time to uncover my entrepreneurial leanings. My experience in private-equity really helped a lot. I met and got to know a number of successful small business owners and I recall thinking that if they could do it, then so could I!

Investor: And why this business-—water solutions?

Cumming: This business meets a lot of investment criteria. Jim has great operating experience and expertise and excellent customer relationships. We can build the business quickly and on the back end, there are a number of exit and/or consolidation opportunities. We have a lot of irons in the fire right now, and that’s indicative that it’s a very active market.

Investor: What’s the biggest hurdle?

Cumming: Entering the market from scratch, with nothing to offer customers except the promise of good service at some point in the future. That’s where Jim adds so much value; the customers know his capabilities and honest reputation.

Investor: Are there any transactions in your past that were formative to your interests today?

Cumming: At Juniper Capital, one of the first portfolio companies I helped acquire was Cimmarron Gathering. Between acquiring the entity and building out the pipeline system, we spent about $35 million. We sold two years later for about $100 million. At White Deer, we bought 60% of Fiberspar, a company we valued at $100 million. Shortly after I left White Deer, the company was sold for $500 million. Both of these transactions helped form my interest in acquiring and building small and middle-market energy businesses. We’re hoping for similar success at Expedition.