Clearlake-backed Gravity to buy On Point Oilfield
Summary
Gravity, a Clearlake Capital Group portfolio company, said Nov. 6 that it agreed to buy On Point Oilfield Holdings LLC. Gravity’s acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland Basin. In connection with the closing of the acquisition, Trace Hight, founder and CEO of On Point, will join Gravity as its Chief Commercial Officer of Water Infrastructure. Rob Rice, Gravity’s President and Chief Executive Officer, stated, “This acquisition is transformational for Gravity and enables the company to offer expanded water handling infrastructure for producers operating in the core of the Midland Basin. “We are excited to leverage Gravity’s enhanced scale to fuel organic growth by capitalizing on significant business development opportunities driven by Gravity’s customers’ desire to address their rapidly expanding produced water handling needs through contracted, long-term agreements.” Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, providing water midstream solutions, critical power generation offerings and other production focused services.