(Source: Shutterstock.com)
M Wright Services, an oil and gas pipeline construction firm, announced that Velocity Management Advisors (VMA) has made a minority investment in the Oklahoma-based firm.
“MWS has been looking to strengthen their Board with experienced entrepreneurs, investors and operators who understand the Midstream pipeline construction market and will support their growth,” M Wright Services said in a press release on Jan. 17.
The announcement did detail the value of Velocity’s investment.
VMA is a partnership of three managers, backed by Energy Spectrum Capital, who have built and monetized more than $800 million in assets since 2008. Velocity Management divested Velocity Midstream in 2018 for $442 million, and the partners have since served as investors and served on several boards.
Tied to VMA’s investment, three partners are joining the pipeline builder’s board. All of the partners worked for Velocity Midstream: Rick Wilkerson served as the former CEO; Van Nguyen as COO; and Mike Parker as CFO.
ClearRidge represented MWS on the transaction, while McAfee & Taft provided legal advice to MWS, and Hall Estill provided legal advice to VMA.
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