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Creedence Energy Services, LLC, has announced it has entered a strategic partnership with Monomoy Capital Partners, a private investment firm.
Credence stated the partnership provides additional capital and resources to support geographic expansion, product and service development, and investment in the company's people and technical capabilities. Creedence's existing leadership team will continue to guide the business, and co-founder Kevin Black will remain as CEO and retain a significant ownership interest.
"The Monomoy team took the time to understand our business, our industry and, most importantly, our people. Together, we will continue investing in our team and technical capabilities while staying true to the values that have always set Creedence apart," Black said.
Founded in North Dakota in 2014, Creedence develops, tests, blends and delivers tailored chemical solutions. The company supports production wells, midstream pipelines and saltwater disposal facilities across major U.S. oil and gas-producing regions. It delivers more than 15 million gallons of chemical treatments annually from 22 locations.
Through a partnership in 2019 with Tower Arch Capital, Creedence grew from 60 to 267 employees; expanded from four locations to 22 locations across North Dakota, Wyoming, Texas, Oklahoma, New Mexico, and Louisiana; increased its customer base from 25 to 225; grew from serving 1,500 active wells to more than 12,000; increased annual well deliveries from 15,000 to more than 130,000; and expanded its portfolio from 50 unique chemistry solutions to more than 400.
"Their partnership positioned us for this next chapter with Monomoy," Black said.
Monomoy brings significant experience in value-added specialty chemicals distribution, along with strategic and operational resources.
"Kevin and his team have established Creedence as a leading production chemicals platform with a strong culture, deep customer relationships and a history of steady growth," said Monomoy Managing Director Matt Farrell. "We believe Creedence has a substantial runway, and our partnership will support geographic expansion and the development of new products and services. We are excited to provide the capital and resources to help Creedence capitalize on these opportunities."
Creedence and Monomoy stated they are actively evaluating additional partnerships in the chemical distribution and oilfield services sectors.