NEW YORK, Sept. 26, 2018 /PRNewswire/ -- GPB Capital announces that its GPB Waste Management platform has completed the acquisition of a majority interest in Mud Masters, LLC ("Mud Masters") a wastewater processing company based in Cambridge, Ohio. Mud Masters will be fully integrated with another GPB Waste Management portfolio company, Buckeye Water Service, LLC ("Buckeye Water Service") in order to offer a complete package of transportation, testing, and disposal services to customers in the oil and gas industry in eastern Ohio and western Pennsylvania.
Mud Masters (https://mudmasters.us/), located midway between Columbus, Ohio and Pittsburgh, primarily serves clients with operations at oil and gas fields in the Utica and Marcellus shales in eastern Ohio, western Pennsylvania, and West Virginia. The company provides testing and disposal options for the liquid and solid wastes that result from drilling and extraction at oil and gas fields, as well as lab analytics of the byproducts. Mud Masters also sells brine and sawdust to oil and gas companies. The acquisition of Mud Masters closed on July 31, 2018; transaction terms were not disclosed.
"Oil and gas discoveries in the Utica and Marcellus shales have led to the permitting and drilling of more than 2,500 shale wells in those areas since 2010, and this presents Mud Masters and Buckeye Water Service with a very promising growth opportunity," said Rod Proto, Senior Advisor with GPB Capital responsible for the firm's Waste Management Strategy. "Working together, these companies can offer a differentiated suite of solutions to help the oil and gas companies operating in these areas to effectively, and safely, transport and dispose of the liquid and solid waste their well operations create."
GPB Waste Management will integrate Mud Masters as a tuck-in acquisition into Buckeye Water Service (http://www.bwscompany.com/), which was acquired in August 2017. New Concord, Ohio-based Buckeye Water Service provides fluid hauling and storage, oilfield trucking and equipment, roll-off container, and solid waste removal services to customers engaged in drilling and development in the Utica and Marcellus shales. Mud Masters offers Buckeye Water a key industry differentiator—an exclusive agreement with a disposal well, Clearwater Five, located near Cambridge, Ohio. Exclusive access to a nearby disposal well is rare among wastewater disposal companies, and Mud Matters' agreement will help Buckeye Water Service cut down on transportation time and costs.
In addition, Mud Masters will be able to access Buckeye Water Service's larger fleet of liquid transportation trucks. The two companies' integration and synergies will position them to deliver a "one-stop shop" suite of waste transportation, testing, and disposal services to oil and gas companies in their regional market.
"We are impressed with the commitment, and community focus, of the Mud Masters management team—as well as the performance of the company its members have built," said David Gentile, Founder and CEO of GPB Capital. "We are proud to partner with Mud Masters as it enters the next phase of its growth, and as we continue to strengthen our regional waste management platform serving eastern Ohio and western Pennsylvania."
To learn more about GPB Capital's Waste Management Strategy, please visit:
https://gpb-cap.com/our-strategies/waste-management/
About GPB Capital Holdings, LLC
GPB Capital is a New York-based alternative asset management firm focused on acquiring or investing in income-producing companies and assets. GPB Capital seeks to provide its portfolio companies with the strategic planning, managerial insight, and capital needed to enable strong businesses to achieve the next level of growth and profitability. GPB Capital has raised more than $1.5 billion in capital. For more information, please visit www.gpb-cap.com.
Media Contact:
Dana Taormina
JConnelly
973.850.7305
GPB@jconnelly.com
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SOURCE GPB Capital
