Hastings Equity Partners is selling its Fluid Management Holdings (FMH) and CP Well Testing to Prospect Capital Corp. (NASDAQ: PSEC) for approximately $105 million.
Headquartered in Weatherford, Oklahoma, FMH provides water hauling, disposal and acid services for oil and gas exploration and production companies in the Texas Panhandle and Western Oklahoma. The company operates under the names of ProHaul Transports and Foster Testing. CP is headquartered in Elk City, Oklahoma, and provides flowback and well testing services in support of oil and gas exploration and production companies in the Granite Wash, Permian and Cana-Woodford plays. CP Energy Services will continue to base its operations out of the Weatherford area.
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market businesses in the energy sector.