Sprint Energy Services (“Sprint Energy” or “Sprint”) retained BlackArch Partners (“BlackArch”) to assist in identifying a financial partner positioned to provide the Company with partial liquidity and additional growth capital to expand its service offering and geographic reach, develop an oilfield waste disposal facility and pursue strategic acquisitions.
BlackArch highlighted Sprint Energy’s unique positioning and capabilities as a comprehensive waste management solutions provider as opposed to an undifferentiated oilfield services company. Emphasis was placed on Sprint’s track record of cross-selling to existing customers across multiple geographies supported by the shift in customer demand toward consolidating vendors and bundled service offerings and the ability to address the full waste lifecycle in the oil and gas market.
Sprint Energy was recapitalized in partnership with J.F. Lehman & Company (“J.F. Lehman”), with Sprint’s shareholders and management team remaining significant shareholders in the new Company. Management will continue to lead Sprint’s operations with J.F. Lehman providing advice and capital to support strategic growth opportunities.