Blue Sage sells Cobalt to Bison
Summary
Blue Sage created Cobalt as an oilfield waste platform in 2014 and made its initial investment to finance an acquisition in April 2014. Over the next five years, Blue Sage assisted Cobalt with the subsequent development of five additional greenfield facilities and partnered with management to establish long-term commercial relationships with key producers in the region. Blue Sage Managing Member, Peter Huff, explained, “Given our extensive experience in oilfield and environmental services, our Blue Sage deal team was able to create what we believe is a successful company from scratch during the last five years by leveraging our prior experience as well as the support of Cobalt’s Chairman John Barnidge. From the initial acquisition of a single facility, our team was able to build one of the leading saltwater disposal businesses in the region, providing reliable, high-capacity service to the largest E&P players.” Blue Sage Capital is an Austin, Texas-based private equity firm that has invested in profitable, growing, lower middle-market companies since 2002.