Special to the Democrat
HOUSTON — Mustang Gas Compression, Ltd., a Houston-based company providing natural gas compression services to natural gas producers and gas gathering and processing operators, today announced that it has been acquired by Hoak Fund, Inc. and a group of investors and industry executives, for an undisclosed sum. The new owners also announced that Mark Story, previously vice president of U.S. sales for Hanover Compression and a 25-year veteran of the natural gas industry, has joined Mustang as president and CEO of the company, now organized as Mustang Gas Compression, LLC.
As part of the acquisition, Mustang will receive a capital infusion of $9 million to facilitate investments in equipment, supplies and personnel, to better enable the company to deliver superior service to its customers. The company expects to name seven new members to the board of directors, adding financial acumen, industry experience and expertise in successful business growth to the company’s leadership. Former CEO and Managing Partner John R. Simonetti will remain with the company in a consulting capacity.
“I am pleased to join a dynamic organization that has a compelling growth plan and an abiding commitment to being the customer service leader for the natural gas compression industry,” said Story. “With new owners and a renewed strategic focus, this is an exciting time for the Mustang Gas Compression team. We feel strongly that our valued employees and loyal customers will benefit tremendously from these changes, as well as from new service initiatives, such as an increased emphasis on a preventative maintenance program that will minimize equipment downtime and enhance our customers’ productivity.”
Mustang Gas Compression’s nearly 50 employees were informed of the ownership and management change today, and the company is also in the process of notifying customers about the ownership and management change as well as the planned investments in equipment, supplies and personnel.
Hoak Fund, Inc. is a Dallas-based private investment firm that seeks outstanding, long-term private equity investment opportunities in a variety of industries, including the energy, restaurant, consumer, retail, manufacturing and media sectors. Hoak principals serve in an active role at the board of directors level for acquired companies, and the organization has a track record of success in growing businesses through the development of new products and services, expanded distribution of existing products and services and, when appropriate, through add-on acquisitions.
Mustang Gas Compression, LLC is a fast-growing, full-service natural gas compression company that utilizes Caterpillar, Waukesha, GE Jenbacher and Ajax-powered engines with Gemini and Ariel frames. Founded in 1995 with four compressors, Mustang’s present fleet includes over 200 units and 30,000 horsepower, with operations currently in Texas, Wyoming, Louisiana and Oklahoma. The company’s headquarters is located in Houston, Texas, with offices in Kilgore, McAllen, Victoria and Weatherford, Texas, as well as Riverton, Wyo.
Special to the Democrat
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