Pegasus Optimization Managers LLC, a newly formed company led by Randy Dean and Chad Lenamon (former presidents of CDM Resource Management LLC), has entered into a partnership with certain funds managed by affiliates of Apollo Global Management LLC (NYSE: APO) to build a gas compression services business. Funds managed by Apollo have provided Pegasus with an equity commitment of $175 million to pursue its business plan.
Pegasus, which is led by Dean, who serves as cofounder, president, and CEO, reunites a team of gas compression veterans. Lenamon serves as cofounder and COO.
Pegasus will offer custom gas compression services to onshore North American operators, capitalizing on the growing demand for compression in unconventional drilling and an increasing desire by operators to outsource compression services in the current environment.
The new company’s focus areas include the Marcellus/Utica, Eagle Ford, Permian, and Niobrara shale plays. Pegasus provides turnkey contract compression services, third-party equipment operations, construction project management, and other natural gas services.