This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hastings Equity Partners Announces Sale Of Fluid Management Holdings And CP Well Testing

BOSTON, Aug. 5, 2013 /PRNewswire/ -- Hastings Equity Partners is pleased to announce the sale of Fluid Management Holdings ("FMH") and CP Well Testing ("CP", collectively "CP Energy Services") to Prospect Capital Corporation (NASDAQ: PSEC) for approximately $105 million.

Headquartered in Weatherford, OK, FMH provides water hauling, disposal and acid services for oil & gas exploration and production companies in the Texas Panhandle and Western Oklahoma. The company operates under the names of ProHaul Transports and Foster Testing.  CP is headquartered in Elk City, OK, and provides flowback and well testing services in support of oil & gas exploration and production companies in the Granite Wash, Permian and Cana- Woodford plays.

"We appreciate the contributions that the Hastings team has made to CP Energy Services over the past two years and look forward to our new partnership with Prospect Capital," commented Craig Wright, Chief Executive Officer of CP Energy Services.

"Hastings couldn't be more appreciative of the hard work and energy exhibited by the CP Energy Services leadership team and the impressive achievement of integrating five separate companies over the past two years," said Ted Patton, Managing Director of Hastings Equity Partners.  "This has led to the creation of the leading full service provider of water management solutions in Western Oklahoma and the Texas Panhandle, a vision we set out to achieve when we made our first investment in this region two years ago.  Prospect Capital is the right partner to help grow this business to the next level."

CP Energy Services will continue to base its operations out of the Weatherford area.

About Hastings Equity Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market businesses in the energy sector.  Hastings' approach is to leverage the extensive operational experience of the firm's managers and investors, many of whom are active or former CEOs of Fortune 1000 companies.  In addition, due to the firm's expanding portfolio of oilfield services & equipment companies, it is able to share best practices, technology trends and contacts across its platform to ensure that all of its investments benefit.  Hastings strives to help companies create sustained value for their employees, customers, and investment partners.

SOURCE Hastings Equity Partners

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs