Natural gas demand is expected to pick up over the next decade as power generation, LNG exports and data centers require more power. (Source: Shutterstock)
Funds managed by Apollo Global Management Inc. have acquired a majority interest in Bold Production Services LLC, a provider of natural gas treatment solutions, the companies announced Feb. 12.
Bold Production Services provides customers across the Permian Basin and Eagle Ford Shale with a fleet of more than 700 assets, including dehydration units, H2S treating units and total flow coolers.
Natural gas demand is expected to pick up over the next decade as power generation, LNG exports and data centers require more power. The Apollo Funds investment will support Bold’s growth as it continues to serve the growing natural gas sector, according to the press release.
Bold will continue to be headquartered in Houston, Texas, with CEO Glen Wind at the helm. President Blake Maywald, CFO Tim Burkett and COO Austin Traweek will remain in their respective positions.
“We are excited to partner with Glen, Blake and the rest of the Bold team in a market where we see the opportunity for significant investment given favorable secular tailwinds,” Scott Browning, partner at Apollo, said in the press release. “Apollo brings deep expertise in the natural gas value chain and a proven track record supporting the growth of energy-related services that help to fuel the industrial renaissance.”
Apollo-managed funds have committed, deployed or arranged over $58 billion over the past five years to climate and energy-transition related investments.
Vinson & Elkins LLP served as legal counsel to the Apollo Funds.
Piper Sandler & Co. acted as financial adviser to Bold, and Troutman Pepper Locke LLP served as Bold’s legal counsel. Bank OZK supported the transaction through a new credit facility.
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