October 27, 2020 – Dallas, TX: CIC Partners (“CIC”), a Dallas-based private equity firm, is pleased to announce a growth capital investment in Tri-State Holdings LLC (“Tri-State” or the “Company”). Headquartered in Joaquin, Texas, Tri-State is a leading provider of water transportation and disposal services primarily to oil and gas producers working in the Haynesville Shale.
The investment in Tri-State by CIC marks a continuation of CIC’s strategy to partner with entrepreneurs and executives to continue to build and grow their businesses. Tri-State was founded by its CEO, Troy Massey. Troy has nearly twenty years of experience in water midstream and oilfield services and has built deep relationships throughout the industry. Troy is supported by Chief Commercial Officer Scott Stabler who previously served as President of WhiteWater Resources.
“We are excited to partner with Troy, Scott, and the rest of the Tri-State team to provide growth capital and industry expertise. We are confident in their ability to reliably serve a growing customer base across the basin and expand upon its strategic leadership position,” remarked Chris Cowan, Sector Partner at CIC.
The growth capital investment will enable the Company to expand its disposal services offering and better serve its clients. As part of the transaction, Tri-State acquired saltwater disposal assets in the Haynesville from Key Energy Services. These additional facilities provide Tri-State with further alternatives for saltwater disposition and broaden the nature of services the Company can provide to its customers.
“We are very pleased to have found a partner in CIC that shares our core values and has experience in the oil and gas industry. The partnership will financially and strategically position Tri-State to fully realize its potential,” said Troy Massey.
CIC Partners Principal, Bayard Friedman, remarked, "This growth capital immediately enables Tri-State to provide end to end solutions for customers seeking to dispose of their water. We look forward to working with a highly talented management team to strengthen and expand Tri-State.”
About CIC Partners
CIC Partners is a middle-market private equity firm that invests in growth-oriented companies primarily in the food, restaurant, industrial, and energy industries. CIC manages the personal capital of its investment team, operating partners and strategic investors and seeks to partner with owner-operators, founders and management teams. CIC looks for opportunities where it can leverage the collective experience of its investment team and its operating partners, who are successful CEOs and entrepreneurs, to guide, support and add value to portfolio companies. Based in Dallas, Texas, the firm has been generating wealth in private-equity investing for its investors and management teams for over 30 years. For additional information, please visit www.cicpartners.com.
About Tri-State Holdings LLC
Headquartered in Joaquin, Texas, Tri-State is a leading provider of water transportation and disposal services primarily to oil and gas producers working in the Haynesville Shale. Tri-State’s focus on safety, experienced workforce, and durable fleet of vehicles enables reliable project execution. For more information, please visit www.tristateoilfield.com.