WadeCo Specialties Inc., a specialty chemical provider focused on production chemicals and services for the oil and gas industry, has acquired Elite Treating Solutions Ltd.
WadeCo is a portfolio company of Hastings Equity Partners, a private equity firm focused on investing in lower, middle-market energy services and equipment businesses.
Based in Midland, Texas, Elite provides production chemicals and services to exploration and production companies in the Permian Basin. The acquisition of Elite will enhance WadeCo's ability to offer market leading oilfield chemical solutions and services to its customers from its ten locations throughout the Permian Basin.
Gladstone Capital provided financing for the transaction, while Edwards, Wildman, and Palmer LLP served as legal counsel to the shareholders of WadeCo in the transaction.