CIC Partners Announces Sale of Tri-State Holdings LLC Disposal Assets

Dallas, TX - January 10, 2024

CIC Partners (“CIC”), a Dallas-based middle-market private equity firm, is pleased to announce the sale of Tri-State Vacuum & Rental’s (“Tri-State”) disposal assets to Select Water Solutions (NYSE: WTTR) (“Select”).

Headquartered in Joaquin, Texas, Tri-State is a leading provider of water transportation and disposal services to oil and gas producers in the Haynesville Shale. CIC originally partnered with Tri-State owners, Abby and Troy Massey, in October of 2020 to provide strategic and financial support to expand their business. Over the prior few years, Tri-State executed several transportation acquisitions, becoming the leading water transport operator in their region. In addition, Tri-State acquired disposal assets in the region, strengthening its leadership and service position in their markets. Through the combination of acquisitions and organic growth, Tri-State more than tripled in size over a short time period.

As part of the transaction with Select, Tri-State will retain its water hauling and logistics business, and has entered into a multi-year trucking logistics agreement with the acquirer. Mr. Troy Massey and Mrs. Abby Massey will continue to serve as Tri-State’s CEO and COO.

“For Tri-State, this transaction was a unique opportunity to partner with a strong operator in Select and grow our business. Over the last three years we built a valuable disposal franchise with CIC’s help and support, and with Select’s purchase of those assets, we can realize a great return and continue to grow our world-class logistics business,” said Mr. Massey

Mr. Chris Cowan, a CIC Energy Sector Partner serving on Tri-State’s Board of Directors added, “For the last three years, Tri-State’s team has grown its business consistently by delivering excellent service, and that will continue with today’s transaction.”

“We partnered with an exceptional management team, with aligned interests, and we got a great outcome for all stakeholders,” said Mr. Bayard Friedman, CIC Managing Director. “It’s further evidence that CIC’s strategy of pursuing growth in niche markets with good partners works.”

About CIC Partners

CIC Partners is a middle-market private equity firm that manages the personal capital of its investment team, operating partners and strategic investors and seeks to invest in growth-oriented companies in partnership 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

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

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