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June 17, 2024
PI Global Investments
Private Equity

Service Compression Receives Investment from Warburg Pincus


Service Compression, LLC, a Lubbock, TX-based provider of natural gas compression services for exploration and production companies, closed a preferred equity investment from Warburg Pincus, through its Capital Solutions Founders Fund.

Warburg Pincus’ investment comes alongside a new credit facility led by J.P. Morgan and an additional capital raise led by existing and new shareholders.

The company plans to use net proceeds from the combined transactions to repay outstanding borrowings on its existing credit facility with funds managed by Crestline Investors, Inc. and its affiliates and for growth of the Company, including its equipment fleet, as well as working capital support.

Led by Rhett Newberry, President, Service Compression is a provider of natural gas compression services for exploration and production companies at the wellhead. The company focuses on advancing the ESG (environmental, social, and governance) initiatives of the upstream oil and gas sector through its differentiated service and technology offerings. Service Compression is headquartered in Lubbock, Texas, with field offices in Texas, New Mexico, Oklahoma, and Arkansas.

The company worked closely with Warburg Pincus to design a solution to further grow its fleet of compression units to meet the needs of its customer base. In particular, Service Compression aims to help customers meet their ESG (environmental, social, and governance) initiatives by accelerating the growth of electric compression units, which have improved performance and lower greenhouse gas emissions.

FinSMEs

22/01/2024



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