Platte River Equity Acquires Majority Stake in Wildcat Minerals LLC
Platte River Equity (“Platte River”) announced today that it has acquired a controlling stake in Wildcat Minerals LLC (“Wildcat” or the “Company”). Founded in 2007 as an oilfield consumables distributor, Wildcat has evolved to become the leading independent material handling solutions provider to proppant (sand) producers, providing everything from procurement, to inventory management and transloading.
“We are excited to partner with Platte River Equity during this period of high growth for Wildcat,” said Steve Herron, co-founder and CEO of the Company. “The additional capital, along with the significant operating and financial experience of the Platte River team, will help us invest in new locations while continuing to provide the highest level of service for our customers.”
Platte River Managing Director Peter Calamari said, “Wildcat is benefiting as the use of proppant per well continues to increase. In addition, as transportation represents a growing portion of the delivered cost of proppant, Wildcat serves a critical niche in efficiently managing the logistics of the material from mine to well.”
“Wildcat has built a great reputation as a reliable partner to its customers, providing on-time delivery and outstanding customer service,” commented Platte River Principal Mark Brown. “We are looking forward to working with the team at Wildcat to help the business continue to expand in this growing industry.”
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River. KeyBanc Capital Markets served as financial advisor to Wildcat. Fifth Third Bank provided senior debt financing for the transaction.
About Wildcat Minerals LLC
Headquartered in Golden, Colorado, and Cheyenne, Wyoming, Wildcat is a leading independent provider of transloading, distribution and logistics for oilfield consumables, primarily proppant (sand), used in the hydraulic fracturing process. The Company operates 18 strategically located transloading terminals and storage sites in most major unconventional U.S. oil and gas basins. Wildcat’s customer base consists of oil and gas exploration and production companies, oil and gas service companies and sand suppliers.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $10 million to $50 million in lower middle market operating companies with enterprise values generally between $20 million and $250 million, as well as strategic add on acquisitions. The firm invests in sectors where it has deep operating and investing experience, including aerospace and transportation; energy and industrial products and services; and chemicals, metals and industrial minerals. Platte River Equity manages funds with committed capital in excess of $700 million.