Intervale Capital has acquired a majority stake in American Disposal Services (ADS), which provides disposal of injectable drilling and production waste in the Eagle Ford and Haynesville shale plays, with operating facilities in Frio, Atascosa, Fayette, and Newton counties in Texas.
ADS was founded in 1993 by J.D. "Doug" Ivey, who was joined by his son Austin in 2009. At the closing of this transaction, Doug Ivey was promoted to senior vice president of ADS, where he will oversee a team focused on designing and building additional facilities throughout the US.
Concurrent with the transaction, Gabriel Rio, an oilfield waste executive, was appointed president and CEO. He is joined by Frank Schageman, a former CFO of multiple oilfield service businesses, who will serve as CFO.
Transaction terms were not disclosed. The Hancock Firm LLC acted as financial advisor, and Winstead PC provided legal counsel to American Disposal Services. Wells Fargo's Energy Group provided acquisition financing.