TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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February 5, 2025
Source: PR Newswire
Service Compression Poised to Drive Market Growth, Expand Fleet, and Advance Technology with Substantial Lender Investment
LUBBOCK, Texas, Feb. 4, 2025 /PRNewswire/ -- Service Compression, LLC ("Service Compression" or "the Company"), a leading provider of natural gas compression services for exploration and production companies, today announced the upsize of its asset-based loan (ABL) credit facility by approximately 50%, bringing the facility's total commitment to $300 million. The facility, led by J.P. Morgan, reflects the significant market demand and growth momentum the Company has experienced across its operations in 2024.
This expansion reinforces Service Compression's unique ability to invest in its fleet, support customer demand, and accelerate innovation in compression technology. The additional capital positions the Company to enhance its ability to deliver exceptional service to its blue-chip customer base while maintaining its leadership in the upstream oil and gas sector.
"This $95 million upsize, led by J.P. Morgan, underscores the strength of our platform and the significant opportunities we see in the market," said Rhett Newberry, Chief Executive Officer of Service Compression. "In conjunction with continued backing from our equity partners, Warburg Pincus and Masked Rider Capital, this investment enables us to meet increasing demand, scale our fleet, and implement key technology upgrades to maintain our competitive edge. We are incredibly excited about the momentum this creates for Service Compression and our customers."
The upsized credit facility builds on the Company's strategic partnership with J.P. Morgan and its equity partners. These partnerships have supported Service Compression's evolution as a critical provider of compression solutions, particularly in the fast-growing market for electric compression units. By leveraging this capital, the Company aims to further its commitment to reliability, innovation, and customer collaboration.
Meeting Market Demand with Innovative Solutions
Service Compression continues to experience significant demand for its fleet, including more than 1,700 gas and electric compression units. The additional funding will enable the Company to expand its presence in key markets and invest in state-of-the-art technology that aligns with customer needs and sustainability goals.
"Service Compression's predictive technology and proactive service ensure they're ready to meet the challenges of today while preparing for the opportunities of tomorrow," said Gaurav Seth, Managing Director, Head of Capital Solutions, America at Warburg Pincus. "We're confident this investment will fuel their continued expansion as they lead the way in innovations that meet the growing demand for electric powered compression solutions."
Service Compression remains dedicated to advancing technology that optimizes performance while supporting sustainability initiatives. The Company's electric and gas compression units offer improved reliability, reduced emissions, and compliance with evolving regulatory standards.
About Service Compression
Service Compression, LLC is a leading provider of natural gas compression services for exploration and production companies at the wellhead. Since its founding in 2004, the Company has built a reputation for reliability, innovation, and proactive partnerships. Headquartered in Lubbock, Texas, with field offices in Texas, New Mexico, Oklahoma, and Arkansas, Service Compression specializes in providing technology-fueled compression solutions to meet the needs of blue-chip customers in the upstream oil and gas sector. For more information, visit https://servicecompression.com.
About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.
About Masked Rider Capital
Masked Rider Capital is an investment firm focused on supporting high-growth companies in energy, technology, and other critical sectors. Based in Lubbock, Texas, the firm partners with innovative organizations to provide strategic capital and operational expertise that drive long-term success. Learn more at www.maskedrider.com.
Contact
Please direct inquiries to:
Jackson Lucas
Chief Investment Officer
Service Compression
jlucas@servicecompression.com
