GE Antares, a unit of GE Capital that offers a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors, announced yesterday it is serving as administrative agent on a senior secured credit facility to support the acquisition of Uintah Engineering & Land Surveying by Norwest Equity Partners (NEP).
GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.
NEP purchased Uintah from Moelis Capital Partners in a transaction that closed on August 26, 2014; financial terms were not disclosed.
Headquartered in Vernal, UT, Uintah Engineering & Land Surveying (UELS) is a provider of surveying, drafting, and engineering services for the American on-shore oil & gas industry. UELS serves eight O&G basins across 12 western states with offices in the Rocky Mountain, Great Plains, Southwest and Texas regions. UELS has 200 employees.
Uintah exists within an industry that has very attractive market dynamics and favorable growth opportunity, especially with continued momentum in drilling and extraction and ongoing increased U.S. demand.
Tim Kuehl, Partner at Norwest Equity Partners, said:
“Norwest Equity Partners has a long and successful relationship with GE Antares. Their certainty of execution and ability to move quickly through every stage of the acquisition process makes them an excellent financing partner.”
Dave Swanson, managing director of GE Antares, said:
“We’re excited to be financing another successful acquisition by NEP. In partnership with management, NEP will be a great asset to UELS as they continue to grow in the oil & gas industry.”
Norwest Equity Partners (NEP) is a middle market investment firm focused on partnering with business owners and building their companies into industry leaders. NEP has raised nearly $5 billion of capital through a series of equity and mezzanine funds.