On Tuesday Denver-based national private equity firm Lariat Partners announced the formation of Ecoserv, the result of the merging of Houston-based Newpark Environmental Services with Offshore Cleaning Systems of Abbeville, a Gulf of Mexico offshore cleaning service.
The Houston Business Journal reported Feb. 11 that Newpark sold its offshore waste disposal division to Ecoserv for $100 million in cash.
Kenny DesOrmeaux, founder and CEO of OCS, will become CEO of Ecoserv. The company is headquartered at 207 Town Center Parkway in Lafayette and will operate out of 14 locations throughout the Gulf Coast and Permian Basin of West Texas.
Ecoserv will have approximately 300 employees once the merger is finalized and plans to add as many as 100 new jobs across all of its locations.
Ecoserv will become an integrated, turnkey environmental cleaning and waste disposal services provider.
“Ecoserv uses applied science to provide the safest and most environmentally friendly way of managing oilfield refuse. By combining the efforts of these two industry innovators, we have the scale, breadth and capabilities to offer a streamlined and hyper-compliant waste disposal system,” DesOrmeaux says in a prepared release. “We’re pioneering a solution that includes EPA-approved processes but takes them a step further.”
A definitive purchase agreement has been signed for the merger between NES and OCS, with the deal expected to close within 30 days.
“We believe the talented employees and management of both OCS and NES create a truly best-in-class company. We look forward to demonstrating to our customers the service and value of Ecoserv,” DesOrmeaux says.