Photo: PetroWaste Environmental LP
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PetroWaste Environmental Big Lake Landfill in the Permian Basin's Reagan County. Dallas private equity firm Tailwater Capital sold PetroWaste Environmental to a subsidiary of Houston-based Waste Management. Financial terms of the deal were not discloed. less PetroWaste Environmental Big Lake Landfill in the Permian Basin's Reagan County. Dallas private equity firm Tailwater Capital sold PetroWaste Environmental to a subsidiary of Houston-based Waste Management. ... more Photo: PetroWaste Environmental LPOilfield landfill operator PetroWaste Environmental sold to Waste Management
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Private equity-backed oilfield landfill and saltwater disposal well operator PetroWaste Environmental has been sold to a subsidiary of Houston landfill operator Waste Management.
Dallas private equity firm Tailwater Capital announced on Monday morning that it sold San Antonio-based PetroWaste Environmental to WM Energy Services Holdings.
Financial terms of the deal were not disclosed but PetroWaste Environmental was launched in January 2019 with private equity funding from Tailwater Capital.
Active in both the Permian Basin of West Texas and the Eagle Ford Shale of South Texas, PetroWaste Environmental had developed a network of saltwater disposal wells and landfills to receive waste from oil and natural gas operations.
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Touted as the largest oilfield landfill operator in the Permian Basin, PetroWaste Environmental was preparing to open its first landfill in the Eagle Ford near the town of Nordheim at the time of the sale.
PetroWaste Environmental CEO George Wommack told the Houston Chronicle that the Nordheim facility was scheduled to be opened over the next two weeks but that Waste Management is taking over the project. With the sale complete
"We are pleased that our employees will have the opportunity to continue to build on our success under Waste Management ownership and expand upon the essential services we provide to our customers and the communities in which they operate," Wommack said in a statement.
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In a separate statement, Waste Management Vice President Scott Bradley said the acquisition allows the Houston company to expand its services to oil and natural gas industry customers.
"By leveraging Petro Waste's extensive footprint and scale, core competencies, state-of-the-art disposal facilities and robust customer base, we expect to generate momentum for significant and sustainable business growth," Bradley said in a statement.
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