HOUSTON--(BUSINESS WIRE)--Kinetics Energy Services, LLC ("Kinetics" or the "Company") announced today the closing of its private equity financing with Natural Gas Partners, through its affiliate, NGP Natural Resources XI, L.P. ("NGP").
Kinetics is focused on acquiring, integrating and growing North American energy services & equipment companies providing well completions and production enhancement.
Chaden Lassoued, Chief Executive Officer of Kinetics, previously spent two decades in key leadership roles with Schlumberger Limited, undertaking assignments in the Middle East, North America, Latin America, Europe, Africa and Asia. Most recently, Mr. Lassoued served as President of Well Intervention where he led more than 9,000 employees and had responsibility for approximately $3 billion in global revenue. He also served as Vice President of Corporate Strategy for Schlumberger Limited, since March 2012. Earlier in his career, Mr. Lassoued served as the Vice President of Middle East & Asia for Drilling & Measurement and Vice President of Latin America for Testing Services and was responsible for the strategic direction of business operations for Schlumberger Limited. He began his career as a field engineer. Mr. Lassoued commented, "We are excited about opportunities in the current market and look forward to partnering with businesses in the completion and production enhancement sector. NGP is a patient, supportive and value-added partner and I look forward to building our platform. We have very strong growth plans and ambitious goals."
Kinetics Executive Vice President & Chief Financial Officer, Alexander Somers, was previously an investment banker with the leading energy services and equipment investment banking firm, Simmons & Company, since 2005. In his career with Simmons & Company, Mr. Somers completed more than 30 merger, acquisition and capital market transactions with an aggregate transaction value of more than $15 billion. Mr. Somers holds a BS in Finance and Accounting from Tulane University and an MBA from Harvard Business School. Mr. Somers commented, “The Company has a robust balance sheet and substantial capital available for mergers and acquisitions. We are actively pursuing select opportunities in the well completions and production enhancement segment to deliver an integrated product and service offering for North America.”
Kinetics is headquartered in Houston, Texas at 10777 Westheimer Road, Suite 1100. For additional information, please visit www.kineticsenergy.com.
About Natural Gas Partners
Founded in 1988, Natural Gas Partners is a family of private equity investment funds with cumulative committed capital of over $14 billion since inception, organized to make investments in the natural resources sector. Natural Gas Partners is part of the investment platform of NGP Energy Capital Management a premier investment franchise in the natural resources industry with $16.5 billion in cumulative committed capital under management since inception. www.naturalgaspartners.com
