The EQT Infrastructure III fund has acquired Kodiak Gas Services, LLC from The Stephens Group, LLC. Kodiak will maintain its corporate headquarters in Houston, Texas, under the continued leadership of President Mickey McKee, CEO David Marrs, and the Kodiak management team. Terms of the transaction were not disclosed.
Founded in 2011, Kodiak is the largest privately owned contract compression company in the US; providing necessary compression equipment for the extraction of oil and transportation of natural gas in the United States. With over 1,130,000 revenue generating horsepower (HP) deployed across key basins, Kodiak has a differentiated offering focused on exceptional customer service and technical performance. Kodiak leverages its scale, multi-decade operational experience, strong customer relationships, and data analytics and integration to deliver best in class service and mechanical availability.
EQT will support Kodiak in its next phase of development as the Company focuses on continued expansion with existing and new customers, further strengthening its technology platform and enhancing the Company's service offering. Moreover, EQT will leverage its bench of Industrial Advisors with extensive experience in the Energy and Midstream sectors to enhance growth and operational efficiencies.
Alex Darden, partner at EQT Partners, investment advisor to EQT Infrastructure, commented, "Kodiak's differentiated service offering, strong commitment to customers and critical infrastructure at every juncture in the oil and gas value chain make the Company unique in their industry, embodying EQT Infrastructure's approach of targeting high-quality, industry leading, stable businesses with transformation potential. We are impressed with Kodiak's continued transformation through data implementation and strong growth and believe that the Company's ambition and people will continue to have positive impacts going forward. We are excited to help build and shape the next phase of development for Kodiak and look forward to working with such a talented group of people and outstanding executive management team who share the same culture, values, and drive as EQT."
"We are extremely excited to be partnering with EQT to continue to grow Kodiak as the premier provider of contract compression services in the U.S. EQT brings a wealth of knowledge to our partnership and together, we will create a platform to continue to attract the best customers, in the best basins, to provide the highest level of contract compression services in the business," commented Mickey McKee, president of Kodiak.
