MIDLAND, Texas, Feb. 21, 2023 /PRNewswire/ — Imperative Chemical Partners, Inc. (“Imperative”) and RSI Chemicals, (RSI) are joining to form one of the largest oil & gas production chemicals businesses focused on the U.S. land market. With complementary regional presence and natural cultural alignment, the combined company is well positioned for sustained growth and greater resilience in a dynamic market.
Ryan Havens, Imperative’s Chief Operating Officer, will take the helm of the combined organization as Chief Executive Officer. Garrett Tucker, RSI’s Chief Operating Officer, will continue to serve as COO leading the expanded sales and operations team. Curtis Bordelon, RSI’s CEO, will be retiring after a distinguished career in the industry. Neil Harrop, Imperative’s current CEO, will remain engaged with the company as a member of its Board of Directors. Neil commented, “The combination of these two exceptional companies will change the landscape in the U.S. land oilfield chemicals market with cultural alignment, a quality management team, a talented and motivated workforce that execute flawlessly, and a combined product line that spans the chain of custody for all chemical needs for completions, flowback, production and midstream operations.”
Ryan and Garrett have worked closely together to make this transaction a reality and will work alongside the combined leadership team to seamlessly integrate the companies while remaining focused on service excellence across a customer base ranging from supermajor integrated to small independent oil and gas companies.
“With both companies’ positive trajectories, Imperative has increasingly competed with RSI in the market. We have tremendous respect for their talented team, unique capabilities, and service philosophies. I am excited about the next chapter of combining our strengths, executing our plans, and growing our team as we build upon an exceptional customer base”, said Ryan Havens, incoming CEO.
Garrett added, “This deal is about driving new growth, improving asset leverage, increasing strategic flexibility, and achieving non-labor synergies. The reality is this transaction will offer new internal opportunities to our current employees and create an attractive destination for those seeking opportunities in an organization well-positioned for market resiliency and continued success.”
Imperative shareholders, including Hastings Equity Partners, are excited to partner with One Equity Partners in affecting this transaction. Ryan states “While the addition of One Equity alongside Hastings is a testament to each company’s historical performance and the accretive value of the combined investment, it also broadens our foundation for continued growth and success.”
Joe Conlon, Managing Director at Hastings, commented, “we are extremely proud of our partnership with management over the years and we are excited about this next phase of growth. The combined company will more effectively serve existing customers and its ability to compete with the largest players in the sector will be enhanced.”
About Imperative Chemical Partners
Imperative Chemicals Partners, Inc. is a Midland, Texas– based provider of production and completion chemical, acid stimulation, and capillary injection solutions for upstream and midstream oil, gas, and water customers. While the company’s origins date back to 2004, the Imperative brand was formed in 2019 with the merger of three commonly held Midland-based chemical businesses. Imperative has over 550 employees and 32 locations serving customers across 12 states. For more information, visit www.imperativechemicals.com
About RSI Chemicals (a/k/a Refinery Specialties, Inc.)
RSI Chemicals, is a Hempstead, Texas-based vertically integrated chemical services provider focused on manufacturing and supplying proprietary and custom solutions to its customers across the major producing basins. RSI was formed in 1989 and serves its upstream and midstream customers with over 270 employees working from 20 locations. For more information, visit www.rsichem.com
About Hastings Equity Partners
Founded in 2004, Hastings Equity Partners is a lower middle-market private equity firm. Hastings invests first institutional capital in North American founder-led companies within the industrial and business services sectors, where it has deep operating and investing experience. As a preferred capital partner, Hastings seeks to empower businesses to reach their full potential. For almost two decades, the firm has formed long-term partnerships with entrepreneurs while utilizing a hands-on approach to enhance operations, provide strategic support, and accelerate growth. For more information, visit www.hastingsequity.com
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
SOURCE Imperative Chemical Partners, Inc.