Capital Raise: Black Bay invests in Permian compression services company

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[Context: On August 14, Black Bay Energy announced an investment in Total Operations and Production Services, a provider of compression products and services specializing in gas lift applications in the Permian Basin. Further details, advisors and related links are below.]


Black Bay Energy Capital Announces Partnership with Total Operations and Production Services

MIDLAND, Texas–August 14, 2019–(BUSINESS WIRE)–Black Bay Energy Capital (“Black Bay”), a private equity firm focused on the oilfield service and equipment sector, is pleased to announce its partnership with and investment in Total Operations and Production Services (“TOPS” or the “Company”), a leading provider of compression products and services specializing in gas lift applications in the Permian Basin.

TOPS is headquartered in Midland, Texas and is led by L.D. Green, Founder and President of TOPS, and Brian Green, Vice President of TOPS. The Company has established itself as a leading innovator in electric compression and is experiencing rapid growth due to strong demand for its electric driven gas lift compression systems.

In the Permian Basin, gas lift systems continue to gain market share as the preferred form of artificial lift. In addition, with the continuing electrification of the oilfield, the use of electric compression is experiencing high growth due to improved reliability, functionality and environmental impact. TOPS’ electric compressor system design minimizes production downtime, lowers operating cost and reduces emissions for oil and gas operators through its proprietary configuration and real-time automation & controls.

“The TOPS team is excited to partner with the Black Bay team. As we continue to experience higher demand from customers, Black Bay’s oilfield experience, industry relationships and investment capital will allow us to execute our ambitious growth plans and satisfy the needs of our customers,” said L.D. Green, President of TOPS. “The rapid growth we are experiencing is due to fully embracing compression automation and specifically designing our compressors for the unique conditions found in the Permian Basin. Our customers continue to realize the many benefits our systems deliver compared to traditional compression packages,” added Brian Green, Vice President of TOPS.

“Black Bay is thrilled to partner with L.D., Brian and the rest of the TOPS team to capitalize on the market opportunity in gas lift compression and the broader electrification of the oilfield,” said Michael LeBourgeois, Managing Partner of Black Bay. “TOPS is managed by an impressive, proven team who are delivering superior solutions and equipment to the customers across the Permian Basin. The Company’s impressive growth, the increasing use of gas lift systems in the market and TOPS’ differentiated approach make this a very exciting investment for Black Bay.”

Fishman Haygood served as Black Bay’s counsel on the transaction. Cobalt Capital served as the financial advisor to TOPS and Atkins, Hollmann, Jones, Peacock, Lewis & Lyon served as TOPS legal counsel.

About Total Operations and Production Services :

Based in Midland, Texas, TOPS provides compression systems with a focus on gas lift applications for oil & gas production throughout the Permian Basin. The Company custom designs, installs and services advanced electric and gas driven compression systems and provides related services.

About Black Bay Energy Capital:

Black Bay Energy Capital is an energy private equity firm investing in the North American oilfield service and equipment sector. Leveraging more than 70 years of direct industry experience, Black Bay partners with high-growth companies and experienced management teams with differentiated, next-generation products, services and technology solutions that drive value and enhanced efficiency for customers in the oil & gas industry.

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