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SOURCE Annapurna Capital Management
GREENWICH, Conn., Feb. 18, 2014 /PRNewswire/ -- Annapurna Capital Management is pleased to announce that it has completed the acquisition of Cimarron Acid Services, Inc., and certain affiliates ("Cimarron" or "the Company"). Annapurna, the management team of Cimarron, and other co-investors provided equity capital for the transaction, while Nations Equipment Finance provided a senior credit facility and Iroquois Financial Partners provided junior capital.
Based in Fairview, Oklahoma, Cimarron is a leading provider of pressure pumping services to the midcontinent oil and gas industry. The Company provides acidizing, hydraulic fracturing, and other well stimulation services to leading independent E&P companies.
Marshall Brandt, Partner at Annapurna, stated: "Cimarron is a well respected platform within the highly specialized and technically complex pressure pumping industry, providing essential services supporting exploration and production in our nation's heartland. We are thrilled to partner with Cimarron's management team to continue to grow the Company as they serve their customers."
Matt Doiron, Partner at Annapurna, added: "The U.S. oilfield services industry benefits from a number of technological advances and macro trends which are stimulating oil and gas production in the United States and which we expect to keep demand high going forward. Cimarron is a particularly strong company in the industry with great customer relationships and many growth opportunities."
Trent Watkins, CEO of Cimarron, added: "We are pleased to partner with Annapurna to complete this transaction, which positions the Company on solid financial footing and ready to execute its long-term strategy. We are excited to enter this new phase of Cimarron's development and remain committed to serving our customer base and communities with the utmost integrity and the highest levels of professionalism."
The law firm Johnson & Jones and Iroquois Capital Group advised Annapurna, while Apex M&A and Hall Estill advised Cimarron. For more information about the transaction, please contact Matt Doiron at Annapurna.
Annapurna Capital Management is a multi-strategy hedge fund which makes private equity investments and is a global macro oriented registered Commodity Pool Operator (CPO). For more information please visit www.annapurnafunds.com.
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