[Context: On August 1, Milestone Environmental Services, an oilfield waste provider backed by Intervale Capital, announced a line of credit from Riverstone. Further details and related links are below.]
Milestone Environmental Services Announces Investment from Riverstone Holdings
HOUSTON–August 01, 2017 –(BUSINESS WIRE)–Milestone Environmental Services (“Milestone” or “the Company”), a portfolio company of Intervale Capital, LLC (“Intervale”), today announced that Riverstone Credit Partners, L.P., a dedicated energy credit fund managed by Riverstone Holdings LLC (“Riverstone”), provided a line of credit to Milestone. Financial terms were not disclosed.
“We are very pleased to announce our partnership with Riverstone, one of the world’s most experienced energy investors,” stated President and Chief Executive Officer, Gabriel Rio. “The capital provided by Riverstone in this transaction is truly transformational for our business and will enable us to pursue multiple strategic growth opportunities.”
“Our capital commitment to Milestone reflects the confidence that we have in the Milestone team‘s track record and their operational excellence,” said Managing Director at Riverstone, Christopher Abbate. “Their proprietary process and environmental commitment positions them well to support their customers in the markets they serve. We are pleased to partner with Milestone and support their growth going forward.”
“We have a long-standing relationship with Riverstone Holdings and are excited to partner with its credit arm to fund Milestone’s growth plans,” said Tuan Tran, Partner at Intervale Capital. “Management has done an excellent job positioning the Company as the preferred vendor for oilfield waste disposal services among U.S. oil and gas producers. Capital from Riverstone will help fund capacity expansion and new disposal facilities necessary to meet customers’ growing waste management needs.”
About Milestone Environmental Services
Milestone Environmental Services is an oilfield environmental services provider with an environmentally-focused, cost-effective, and efficient approach to managing oilfield waste. Milestone operates strategically-located, state-of-the-art disposal facilities that provide dependable, local services for leading U.S. oil and gas operators. Milestone is a premium provider of injectable oilfield waste disposal, operating for more than 20 years. The company is headquartered in Houston, Texas, and currently has seven injection locations in Texas.
About Intervale Capital
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing its third fund.
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with over $34 billion of capital raised. Riverstone conducts buyout, growth capital and credit investments in the exploration & production, midstream, oilfield services, power, and renewable sectors of the energy industry. With offices in New York, London, Houston, and Mexico City, Riverstone has committed over $34 billion to more than 130 investments in North America, South America, Europe, Africa, Asia and Australia.