IRVING, Texas--(BUSINESS WIRE)--Natural Gas Partners, through its most recent fund, NGP Natural Resources X, L.P., and NGP Energy Technology Partners II, L.P. (collectively “NGP”) have made a significant capital commitment to establish The Catapult Group (“Catapult”). Catapult invests primarily in start-up oilfield services companies (“Affiliates”) established by experienced, entrepreneurial managers.
In addition to providing startup capital to Affiliates to fund general overhead and capital expenditures, Catapult will provide back-office services such as systems and consulting in accounting, finance, human resources, IT, legal, HSE and risk management services. These services help accelerate the launch of the business and serve as a resource to assist Affiliates in the growth of their companies. Catapult also provides board-level support throughout the life of the Affiliate, leveraging off of the experience and knowledge of the Catapult team, other Affiliates and NGP. By providing these services and resources, Catapult allows the senior management of its Affiliate companies to place their primary focus on what matters most in operating their company, particularly their customers, employees, services, equipment and safety.
Catapult is led by Gregory D. Laake, an experienced oilfield services executive with a track record of adding value in the oilfield services sector. Mr. Laake has a successful background developing and managing back-office infrastructure designed to enhance the capabilities of oilfield services operations. Prior to joining Catapult, Mr. Laake served as Chief Financial Officer and Director of CRC-Evans Pipeline International Inc., an NGP sponsored company which was sold to Stanley Black & Decker Co. in 2010. Prior to CRC-Evans, Mr. Laake held financial roles at National Oilwell Varco, Weatherford International, Enterra and Schlumberger.
“I am extremely pleased to lead this innovative NGP venture,” said Mr. Laake. “Catapult is well-positioned to partner with entrepreneurially-minded oilfield services professionals so that they will have the highest chance of success with their newly established companies. Our goal is to provide first-class, process-driven systems and support so that oilfield services professionals can build companies in their areas of expertise, without devoting precious time and resources establishing the 'back office.' Catapult will enable Affiliate CEOs to focus on the activities that are most crucial to the success of their business, such as corporate strategy, procuring equipment, securing and servicing customers, hiring employees, managing vendors, etc. As the name implies, Catapult is able to launch entrepreneurs into business quickly and efficiently with minimal back-office effort on the part of the entrepreneurial teams.”
“Catapult will be an attractive venue for oilfield services managers to pursue their entrepreneurial ambitions in the same manner that the E&P community has been building companies with NGP for decades,” said Kenneth A. Hersh, CEO of NGP Energy Capital Management. Phil Deutch, Managing Partner of NGP Energy Technology Partners, added, “We look forward to working with Greg and Catapult’s Affiliate CEOs to introduce best-in-class products and services to the oil & gas industry.”
To date, Catapult has funded experienced management teams to build a well testing company and a coiled tubing service company. Also, Catapult continues to build out a team of financial, accounting, HS&E, and information technology leaders to provide support services and guidance to existing and future Catapult Affiliates.
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (NGP) is a $10.5 billion family of private equity investment funds organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in cumulative committed capital since inception. www.naturalgaspartners.com
About NGP Energy Technology Partners
NGP Energy Technology Partners ("NGP ETP") invests equity capital for growth and buyout transactions in companies that provide products and services to the oil and gas, power, environmental, energy efficiency, and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million and is led by investment professionals that have extensive experience investing in virtually all types of energy technology. The investment team strives to partner with strong, experienced management teams and work with them to create significant value. NGP ETP is an affiliate of NGP Energy Capital Management. www.ngpetp.com