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Kodiak Gas Services to acquire Pegasus Optimization Managers

Kodiak Gas Services LLC signed a definitive agreement to acquire fellow Texas-based Pegasus Optimization Managers LLC from affiliates of a fund managed by Apollo Global Management Inc.

Financial terms of the deal, which is expected to close in the fourth quarter of 2019, were not disclosed.

Kodiak provides compression equipment for oil extraction and the transportation of natural gas in the U.S. The acquisition from Apollo Natural Resource Partners II of Pegasus, also a contract compression business, will give it over 2,500,000 revenue generating horsepower across key basins.

Kirkland & Ellis LLP served as legal counsel to Kodiak and EQT Infrastructure. Jefferies LLC was financial adviser, and Vinson & Elkins LLP acted as legal counsel to Pegasus and Apollo in connection with the transaction.

Swedish private equity firm EQT acquired Kodiak in February. With this transaction, EQT Infrastructure IV will be 47% invested.