Dallas-based private equity firm, Cic Partners Dallas, has announced a significant growth capital investment in Tri-State Holdings LLC, a leading provider of essential water transportation and disposal services. This strategic move, revealed on October 27, 2020, underscores CIC Partners Dallas’ commitment to supporting growth-oriented companies within key sectors, particularly in the energy and industrial spaces. Tri-State Holdings, headquartered in Joaquin, Texas, primarily serves oil and gas producers operating in the prolific Haynesville Shale region.
This investment by CIC Partners Dallas is a testament to their established strategy of partnering with dynamic entrepreneurs and seasoned executives to foster business expansion and development. Tri-State Holdings was founded and is led by CEO Troy Massey, an industry veteran with nearly two decades of experience in water midstream and oilfield services. Massey’s extensive industry knowledge and robust network of relationships are further strengthened by Chief Commercial Officer Scott Stabler, formerly President of WhiteWater Resources. This experienced leadership team positions Tri-State for continued success and expansion within the water management sector.
Chris Cowan, Sector Partner at CIC Partners Dallas, expressed enthusiasm about the partnership, stating, “We are thrilled to collaborate with Troy, Scott, and the entire Tri-State team, providing both growth capital and our industry expertise. We have strong confidence in their capability to reliably serve an expanding customer base across the Haynesville basin and further solidify their strategic leadership position.” This partnership highlights CIC Partners Dallas’ proactive approach to identifying and investing in companies with strong growth potential and experienced management.
The infusion of growth capital from CIC Partners Dallas is specifically earmarked to enhance Tri-State’s disposal service offerings and improve its capacity to meet the evolving needs of its clientele. A key component of this investment involved Tri-State’s strategic acquisition of saltwater disposal assets from Key Energy Services within the Haynesville Shale. These newly acquired facilities are crucial for expanding Tri-State’s operational footprint, offering clients more comprehensive and efficient solutions for saltwater disposition and broadening the scope of services the company delivers. This acquisition demonstrates a proactive step towards providing end-to-end water management solutions.
Troy Massey, CEO of Tri-State Holdings, also commented on the partnership, noting, “We are very pleased to have found a partner in CIC that aligns with our core values and brings valuable experience in the oil and gas industry. This collaboration with CIC Partners Dallas will provide the financial and strategic foundation necessary for Tri-State to achieve its full potential.” This shared vision and strategic alignment are critical for successful partnerships and future growth.
Bayard Friedman, Principal at CIC Partners Dallas, further elaborated on the immediate benefits of the investment, stating, “This growth capital immediately empowers Tri-State to offer comprehensive, end-to-end solutions for customers requiring water disposal services. We eagerly anticipate working alongside Tri-State’s highly talented management team to reinforce and expand the Company’s market presence.” This reflects CIC Partners Dallas’ hands-on approach and commitment to actively supporting their portfolio companies.
About CIC Partners Dallas
CIC Partners Dallas is a distinguished middle-market private equity firm with a strong track record of investing in growth-oriented companies across diverse sectors, including food, restaurants, industrials, and energy. Uniquely, CIC Partners Dallas manages the personal capital of its investment team, operating partners, and strategic investors. This structure fosters a deeply aligned partnership approach, particularly appealing to owner-operators, founders, and management teams seeking collaborative growth. Leveraging the extensive collective experience of its investment team and operating partners—comprised of accomplished CEOs and entrepreneurs—CIC Partners Dallas provides invaluable guidance, support, and value-added resources to its portfolio companies. Based in Dallas, Texas, CIC Partners Dallas has been a trusted partner in private equity investing for over three decades, consistently generating wealth for its investors and management teams. For more detailed information, please visit www.cicpartners.com.
About Tri-State Holdings LLC
Tri-State Holdings LLC, headquartered in Joaquin, Texas, is a leading provider of critical water transportation and disposal services, primarily catering to oil and gas producers in the Haynesville Shale. The company’s unwavering commitment to safety, coupled with its experienced workforce and robust fleet of vehicles, ensures reliable and efficient project execution. Tri-State’s dedication to operational excellence and customer service positions it as a key player in the water midstream sector. For additional information, please visit www.tristateoilfield.com.
