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Announced

Completed

Clearlake Capital-backed Gravity completed the acquisition of On Point from White Deer Energy.

Financials

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Transaction Value-
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Oil Equipment and Services

Acquisition

Private

oilfield services

Single Bidder

Majority

United States

Friendly

Private Equity

Completed

Synopsis

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Clearlake Capital-backed Gravity, a water and energy infrastructure company, completed the acquisition of On Point, a contracted produced water midstream company focused on gathering and disposal operations in the Midland Basin, from White Deer Energy. Financial terms were not disclosed. "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. Gravity continues to focus on providing the most reliable and efficient produced water gathering and disposal infrastructure for its customers. We are excited to expand our platform and welcome On Point and its proven management team to Gravity," Rob Rice, Gravity President and CEO.

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