Nine Energy Service Acquires Crest Pumping Technologies
HOUSTON – July 1, 2014 – Nine Energy Service (Nine), an oilfield services company that offers completion solutions and wireline services, has acquired Crest Pumping Technologies (Crest), a premier provider of downhole cementing, acidizing and pump down services.
The acquisition of Crest diversifies Nine’s service offerings and expands the company’s geographical footprint, specifically in the Eagle Ford. Nine currently operates in all the major North American plays with more than 20 locations offering a full range of conventional and unconventional completions and wireline services.
“We are thrilled about this acquisition, it’s a tremendous win for us,” said Paul Butero, president and CEO of Nine. “Crest has an outstanding reputation and solid customer relationships. This acquisition creates strong organic growth potential for Nine by offering cementing and related services to applicable markets.”
Led and founded by David Crombie, Crest has strategically built a highly competent technical team, coupled with fully redundant cementing equipment to meet the expectations of operators for all complex unconventional and conventional wells.
“Crest embodies an entrepreneurial spirit and their focus and services are tailored to the needs of their customers. Because of this, they fit into Nine’s culture seamlessly,” said Butero.
Crest has grown rapidly since it was established in 2011, with a diverse clientele and operations in the Permian, Eagle Ford and Barnett shale plays. With more than 300 highly trained employees, the Crest team will provide an additional area of expertise to the Nine brand.
Nine is a merger of established, best-of-breed oilfield services companies that made its formal debut last month. Besides customized conventional and unconventional completions and wireline services, Nine offers its clients big company services with the responsiveness of a local supplier. The company brings years of experience into play with unmatched service and is committed to ensuring clients reach their goals in the most efficient and cost- effective way.
Nine is headquartered in Houston, Texas. Crest is headquartered in Ft. Worth, Texas, with operating locations throughout the state in Sweetwater, Pleasanton and Jacksboro. Vinson & Elkins LLP acted as legal counsel to Nine in the transaction. Simmons & Company International acted as exclusive financial advisor to Crest in the transaction, and Winston & Strawn LLP acted as legal counsel to Crest. Terms of the transaction are not being disclosed.