Xedia Announces Sale and Expands Capabilities as Blackbuck Resources
Blackbuck Resources receives significant equity commitment from Cresta Energy Capital
HOUSTON - Xedia Process Solutions (XPS) today announced it has been acquired by Blackbuck Resources, LLC ("BBR"), a newly formed midstream water solutions firm focused on the Permian Basin. BBR will be led primarily by the prior XPS management team and will be supported by an equity commitment from Cresta Energy Capital ("Cresta").
The marriage of XPS' water treatment experience and technology portfolio, combined with a newly expanded team with experience in both midstream and upstream sectors, gives BBR a unique competitive advantage to serving the industry's operators. The company will provide E&P companies with a one-stop shop for all things water, including treatment, transfer, storage and disposal. XPS will function as a wholly-owned subsidiary of BBR, continuing to offer its proprietary water treatment products to E&P operators globally, while BBR will provide Permian Basin E&P operators with treatment services and water infrastructure.
Former XPS and now BBR CEO, Justin Love, said, "I'm proud and excited to announce our partnership with Cresta and the company's evolution within the oil and gas industry. As Blackbuck Resources, we will continue to improve and expand our ability to tackle the energy sector's toughest water challenges. Leveraging a growing team and pool of expertise from other areas of our sector and our existing footprint as a technology-enabled treatment service company, we will move forward as a midstream-capable company with a true water treatment soul - truly one-of-a-kind in our space.”
Chris Rozzell, managing partner of Cresta said, "We're thrilled to partner with the XPS management team to form BBR. We believe the team is positioned to provide Permian operators with an unmatched set of tailored solutions to their increasingly complex water logistics needs, and to capitalize on the unprecedented growth of the midstream water sector. By partnering with this outstanding team, Cresta continues to execute its investment strategy of supporting solutions-oriented midstream entrepreneurs.”
About Blackbuck Resources ("BBR"): Based in Houston, with a focus on the Permian Basin, BBR designs, builds, and operates water infrastructure and provides services for the oil and gas industry. The team is comprised of professionals with experience in water disposal and treatment, pipeline management and oil and gas operations. For more information, visit www.blackbuckresources.com.
About Xedia Process Solutions ("XPS"): Based in Houston, XPS develops and applies innovative water treatment technologies to customers in the global oil and gas and industrial sectors. Leveraging a portfolio of patented and proprietary technologies, XPS is focused on creating practical, effective, and economical solutions to the world's most challenging waste water applications. For more information, visit www.xediaprocess.com.
About Cresta Energy Capital ("Cresta"): Based in Dallas, Cresta is a middle-market private equity firm primarily focused on investing in energy midstream. Cresta was founded by industry executives with over 50 years of combined experience developing and financing midstream energy projects. Leveraging its prior operating experience, Cresta provides capital and other resources to assist in its partners' efforts to develop projects or grow their existing business. Cresta is currently investing from Cresta Energy Fund I, L.P.
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