[Context: On February 13, CSL Capital sold Optum Energy Solutions drag reducing agent (DRA) business and related manufacturing facility to Berkshire Hathaway-owned LiquidPower Specialty Products Inc. Further details and related links are below.]
CSL Capital Management Sells Optum Energy Solutions to LiquidPower Specialty Products Inc.
HOUSTON–February 13, 2019–(BUSINESS WIRE)–CSL Capital Management, L.P. (CSL Capital) announced the sale of its Optum Energy Solutions drag reducing agent (DRA) business and related manufacturing facility located in Chickasha, OK to LiquidPower Specialty Products Inc. (LSPI), a Berkshire Hathaway company and the global market leader in DRA technology and production.
Started by CSL Capital in late 2016, Optum Energy Solutions operates a modern production facility in Chickasha capable of producing high-quality, high-consistency DRA products supporting the leading U.S. and global midstream companies.
Michael W. Brown, CEO and President of LSPI, said, “With this significant acquisition, LSPI acquires a newly constructed facility, strong leadership team and established workforce. We are excited to build upon our strong history of quality manufacturing and supply reliability to best serve the needs of our existing and future customers. We are impressed with the facility that Optum Energy and CSL Capital built and are committed to growing these operations.”
Charlie Leykum, Founder of CSL Capital, said, “We are excited to complete this transaction with LSPI and accelerate the Optum Energy business plan we started less than three years ago. Seeing Optum Energy Solutions’ progression from a greenfield start-up portfolio company and a newly-hired leadership team to an innovative DRA manufacturing facility, we are very pleased with the performance of our team and are excited for Optum Energy’s future with LSPI.”
Nagesh Kommareddi, Optum Energy’s Chief Operating Officer, added, “With this transaction, the excellent facility and DRA offering Optum Energy has developed will benefit from LSPI’s global infrastructure. Safe operations and high quality DRA production remain our top priorities as we expand operations to better serve customers of the combined company.”
About CSL Capital Management
CSL Capital Management, L.P. is an SEC-registered investment firm focused on building energy services and equipment businesses in the United States. Headquartered in Houston, Texas, CSL Capital was founded in 2008. CSL Capital’s current portfolio includes several de novo, growth, recapitalization, and other energy investments. CSL Capital’s partners include financial institutions, endowments, foundations, and family offices, among other institutional groups. Since inception in 2008, CSL Capital has raised in excess of $1.6 billion in equity capital and commitments across various investment vehicles.