Hastings Equity Partners said March 28 it acquired Midland, Texas-based Cactus Fuel LLC for an undisclosed amount.
The acquisition is part of the Boston private equity firm's fifth Fund III platform investment. The firm focuses on investing in lower middle market energy services and equipment companies, the release said.
Founded in 2012, Cactus Fuel is a value-added distributor of fuel and lubricants to upstream and midstream customers throughout the Permian Basin. The company is recognized as a market leader in the most active shale play in the U.S., according to the release.
Cactus Fuel recently expanded into New Mexico and is in the process of opening additional locations to further increase its reach, said Jimmy Tindol, CEO of Cactus Fuel, in a statement.
"We are very excited to partner with Hastings and look forward to being able to expand and enhance our service offering to our customers," Tindol said.
PNC Financial Services provided financing for the transaction. Riveron Consulting and Locke Lord LLP provided advisory services to Hastings. Gulfstar Group advised the shareholders of Cactus Fuel.
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