Dallas, TX – Cic Partners Lp, a private equity firm based in Dallas, has announced a significant growth capital investment in Tri-State Holdings LLC (“Tri-State”), a leading provider of essential water solutions for the energy sector. This strategic move underscores CIC Partners LP’s commitment to supporting growth-oriented businesses and strengthening its portfolio within the industrial and energy industries. Tri-State, headquartered in Joaquin, Texas, specializes in water transportation and disposal services, primarily catering to oil and gas producers operating in the prolific Haynesville Shale region.
This investment by CIC Partners LP marks a pivotal moment for Tri-State, enabling the company to enhance its service offerings and expand its operational footprint. CIC Partners LP is known for its collaborative approach, partnering with entrepreneurs and seasoned executives to foster business expansion and value creation. Tri-State, under the leadership of its founder and CEO Troy Massey, embodies this partnership philosophy. Massey brings nearly two decades of deep-rooted experience in water midstream and oilfield services, coupled with strong industry relationships. He is supported by Chief Commercial Officer Scott Stabler, formerly President of WhiteWater Resources, adding further expertise to the leadership team.
Chris Cowan, Sector Partner at CIC Partners LP, commented on the investment, stating, “We are thrilled to join forces with Troy, Scott, and the entire Tri-State team. Our growth capital and industry insights will empower them to serve their expanding customer base more effectively across the basin and solidify their strategic leadership position.” This partnership reflects CIC Partners LP’s confidence in Tri-State’s business model and growth potential within the evolving energy landscape.
The capital infusion from CIC Partners LP is strategically allocated to accelerate Tri-State’s expansion in disposal service capabilities and enhance client service delivery. A key component of this growth strategy is Tri-State’s acquisition of saltwater disposal assets from Key Energy Services in the Haynesville area, concurrent with the CIC Partners LP investment. These newly acquired facilities augment Tri-State’s disposal capacity and broaden the spectrum of services available to its clientele, creating a more comprehensive and integrated service offering.
Troy Massey, CEO of Tri-State Holdings LLC, expressed enthusiasm about the partnership: “Finding a partner in CIC that aligns with our core values and brings a wealth of experience in the oil and gas sector is invaluable. This collaboration with CIC Partners LP strategically positions Tri-State for significant growth and allows us to fully capitalize on market opportunities.” The alignment of values and strategic vision between Tri-State and CIC Partners LP is seen as a crucial factor for the anticipated success of this venture.
Bayard Friedman, Principal at CIC Partners LP, further emphasized the immediate impact of the investment: “This growth capital injection immediately empowers Tri-State to offer comprehensive, end-to-end solutions for water disposal needs. We are eager to collaborate with such a talented management team to strengthen Tri-State’s market presence and drive further expansion.” CIC Partners LP’s investment philosophy centers on supporting strong management teams and providing resources to achieve ambitious growth objectives.
About CIC Partners LP
CIC Partners LP is a Dallas-based middle-market private equity firm that strategically invests in growth-oriented companies across diverse sectors, including food, restaurant, industrial, and energy. Managing the capital of its investment team, operating partners, and strategic investors, CIC Partners LP seeks partnerships with owner-operators, founders, and management teams. The firm leverages the extensive experience of its investment team and operating partners—comprising successful CEOs and entrepreneurs—to guide, support, and enhance the value of its portfolio companies. With over 30 years of experience in private equity investing, CIC Partners LP has a proven track record of generating wealth for its investors and partner 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 water transportation and disposal services, primarily serving oil and gas producers in the Haynesville Shale. Tri-State distinguishes itself through a strong commitment to safety, an experienced and dedicated workforce, and a robust fleet of vehicles, ensuring reliable project execution and superior service delivery. For further information, please visit www.tristateoilfield.com.
