Houston’s Rockwater Energy Solutions is buying Crescent Companies in a $207 million deal to create a larger water management company serving the oil and gas sector.
Rockwater is acquiring Oklahoma City-based Crescent from Houston-based private equity firm, White Deer Energy. Another Houston private equity firm, SCF Partners, owns a majority of Rockwater.
The companies are oilfield services firms focused on water management and injection chemicals. The water and chemicals are primarily used for the hydraulic fracturing process, called fracking, when they’re pumped into wells to help break up the shale rock and release oil and gas.
Rockwater Chairwoman and CEO Holli Ladhani said the deal creates a larger company with growing market share across the U.S. and Western Canada.
As part of the deal, Rockwater will add one board member from White Deer, Alexander Lynch.
Rockwater was founded in 2011 through the mergers of four companies — Odessa-based Benchmark Performance Group; Canada-based EnerMAX Services; Boyd, Texas-based Red Oak Water Transfer; and Midland-based Reef Services Holdings.