Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group LP, said Dec. 10 it has completed the acquisition of On Point Oilfield Holdings LLC, creating the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. Trace Hight, founder and CEO of On Point, has joined Gravity as its chief commercial officer of Water Infrastructure, reporting to Rob Rice, Gravity’s president and CEO. Financial terms of the transaction were not disclosed.
Vinson & Elkins served as legal counsel to Gravity and Barclays acted as Gravity's financial adviser and arranged debt financing for the transaction.