Post Oak Energy Capital LP said May 11 an affiliate company agreed to sell its stake in Precision Compression LLC in an all-cash transaction, marking the realization of the Houston-based firm’s initial investment in the oilfield service company.
Founded in 2016, Precision is engaged in the manufacturing, leasing and servicing of wellhead reciprocating gas compressors. Headquartered in Weatherford, Texas, Precision currently has facilities and operations in Texas and Oklahoma.
In a May 11 news release, Post Oak said Precision had steadily built its business organically since its launch, which had been funded by the firm.
“The sale of equity interests in Precision is the next logical progression for the company and its growth trajectory, and this transaction has resulted in a successful outcome for all,” Post Oak said in the release.
Affiliate of Post Oak, Balcones Energy Holdings LLC, sold the equity interests in Precision Compression Services in partnership with certain individual investors. The companies did not disclose the value of the transaction.
Balcones Energy is a Houston-based company designed to invest in the oilfield service and equipment sector, with a particular focus on compression and artificial lift. The company’s initial investment was in Precision Compression Services.