OFS Energy Fund (OFS) has invested convertible preferred growth equity in Davis Chemical Services LLC (DCS) to strengthen DCS’s balance sheet as it expands its service offerings into electric wireline services.
Jim L. Davis, the founder and CEO of DCS, rolled all of his equity investment in DCS and will remain in his role as CEO going forward. DCS has also recently hired a management team to lead the charge into wireline services.
“We are excited to have the opportunity to partner with someone like Jim, who has a demonstrated track record of successfully growing well service businesses in the Texas and Louisiana markets,” said Bruce Ross, Managing Partner of OFS. “We believe that the underlying market will provide ample demand to support DCS’s growth in the coming years.”
Houston-based OFS Energy Fund is a private equity firm that specializes in acquiring and recapitalizing lower middle-market energy service companies.
Davis Chemical Services is a Texas-based well service company providing pumping services, well service rigs, tank rental and completion chemical sales to the Texas and Louisiana oilfields. Davis Chemical Services is headquartered in Marshall, Texas, and has an additional yard in Nixon, Texas.