Tetra Technologies affiliate Compressco Partners agreed to acquire Compressor Systems — a Midland, Texas-based firm that owns the fourth-largest fleet of natural gas compressors in the U.S. — for $825 million. Via FuelFix, Tetra expects the deal to provide Compressco, which specializes in pumping gas from mature wells, with access to new markets in the U.S. shale plays and abroad. The deal, which is expected to close next month, would increase Compressco’s total horsepower sixfold.
“We are excited to broaden our existing services to include production enhancement at the wellhead, vapor recovery at production facilities, gas-lift articifial lift in completion and production and infrastructure compression for midstream and downstream customers,” Compressco President Ronald J. Foster said in a news release.
Current Compressor Systems President Tim Knox will run the combined company and Foster will take over as senior vice president and chief marketing officer.
SEE ALSO: Chesapeake to sell midstream compression assets for $520 million
