One X - A Completions Partner, a Kingswood Capital Management Portfolio Company, Announces Strategic Add-On Acquisition of United Energy Partners

HOUSTON--(BUSINESS WIRE)--One X - A Completions Partner (“One X”), a Kingswood Capital Management, LP (“Kingswood”) portfolio company, announced today that it has acquired United Energy Partners (“UEP”), the leading provider of pressure control services and equipment rental solutions for energy operators. Through this strategic acquisition, One X has become one of the largest independent operators of serviceless (greaseless) pressure control valves in the United States, with operations across the Permian Basin, DJ Basin, Eagle Ford Shale, Bakken Shale, and Haynesville Shale.

Headquartered in Greeley, Colorado, United Energy Partners provides pressure control equipment services and rentals by utilizing cutting-edge serviceless valve technology that improves safety, site preparedness, and reliability. With this innovative offering, UEP has established itself as the premier pressure control partner across Colorado, Texas, Utah, Wyoming, North Dakota, and New Mexico. Existing UEP management will remain onboard and work with One X to expand its service offerings and geographic reach.

Based in Houston, Texas, One X provides pressure control services, flowback, drill-out, and well testing services to several major international energy operators. It was acquired by Kingswood Capital Management in October 2023. Acquiring UEP will expand One X’s geographic breadth and industry-leading technology portfolio.

“One X’s acquisition of United Energy Partners creates the scaled serviceless pressure control equipment provider in the U.S. and puts the combined companies in a tremendous position to serve our growing list of customers across a larger footprint,” said James Stewart, CEO and Chairman of One X. “We are excited to partner with the UEP team to help fuel the next stage of growth at One X, as we continue building a company that offers a comprehensive suite of market-leading completions services.”

Jake Strauss, President and Founder of United Energy Partners, added: “I’m thrilled to have the opportunity to partner with both One X and Kingswood, who have recognized the potential in putting these two businesses together.”

Clayton Lechleiter, Principal at Kingswood, said: “One X is a best-in-class completions platform, and UEP has a deep fleet of new serviceless valves. We are impressed with the growth UEP has achieved by investing meaningfully in its asset base so that it can offer more efficient solutions for the evolving demands of its customers, which will benefit the One X franchise.”

Alex Wolf, Managing Partner and Founder of Kingswood, added: “We are eager to welcome United Energy Partners onto the One X team. Given the decades-long relationship James Stewart and I have developed during his tenure as a private equity-backed energy services CEO and our past successful collaborations, I am confident One X will be able to accelerate UEP’s growth and success.”

Goodwin Proctor, Werner Ayers & McDonald, PPHB, and Grant Thornton advised One X on the transaction.

About United Energy Partners

United Energy Partners is the leading provider of pressure control services and equipment rental solutions for energy operators across the DJ Basin and other geographies with one of the largest fleets of serviceless (greaseless) pressure control valves in the United States.

About One X - A Completions Partner

One X (formerly known as Covenant Testing Technologies) is a full-service completions services platform offering pressure control, drill-out, flowback, and well testing services to some of the largest global energy operators in the world across the Permian Basin, Eagle Ford Shale, and Haynesville Shale.

About Kingswood Capital Management, LP

Kingswood Capital Management, LP partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing “win-win” partnerships with its portfolio companies and management teams. For more information, please refer to the Kingswood website at www.kingswood-capital.com.