Annapurna Capital Management Announces Sale of Cimarron Acid and Frac

GREENWICH, January 22, 2015, PRNewswire -- On January 9, 2015, Cimarron Acid and Frac, LLC ("Cimarron"), an affiliate of Annapurna Capital Management, LLC ("Annapurna"), was acquired by Quintana Energy Services ("QES"), a portfolio company of Quintana Energy Partners, L.P. Annapurna acquired a majority interest in Cimarron on September 16, 2013.

Based in Tulsa, with an additional yard in Fairview, Oklahoma, Cimarron is a leading independent provider of hydraulic fracturing and acidizing services related to well completion.  Founded in 2000 with just one acid truck, Cimarron has grown to approximately 73,000 hydraulic horsepower of pressure pumping equipment and has traditionally focused its operations on hydraulic fracturing services in the greater Mid-Continent region. During Annapurna's period of majority ownership, adjusted EBITDA grew by approximately 250%.

"We are thrilled with the opportunity to work with QES management going forward," said CEO of Cimarron, Trent Watkins. Jayson Bartel, COO of Cimarron, added, "With the combination of our companies, and our shared vision of operational excellence, we anticipate great things to come despite the current challenging market conditions."

"Annapurna is extraordinarily pleased with the transactional leadership provided by Sanjiv Shah, and his team at Simmons & Co., and the successful exit we achieved," said R. Marshall Brandt, Managing Partner of Annapurna, noting that as part of its consideration in the deal, "Annapurna is excited to be a minority shareholder of QES going forward under the excellent leadership of the QES management team, whom we got to know well during the transaction and hold in the highest esteem." Annapurna Partner, Matt Doironreiterated, "although oil prices have dropped significantly, it also means the availability of many potential addons coming to market, and we have confidence that QES will be a growth story."

"Mollie Duckworth, and her team at Baker Botts, with Evan Young serving as relationship manager, were invaluable getting this transaction done in a challenging commodity price environment," said Annapurna partner, and its portfolio manager of Cimarron, W. Mack Renner. Mr. Renner also offered praise to Annapurna's Senior Advisors, Hugh Knetzger and Mark McComiskey, as well as its operating partners Larry Francois and Roger Beaudean in helping guide Cimarron's growth.

Annapurna is a Greenwich, Connecticut - based multi-strategy hedge fund that makes control-oriented investments in middle market and lower middle market private companies in the energy services, transportation, manufacturing, chemicals and materials industries, and also employs public markets strategies including global macro and relative value.  Annapurna Capital Management, LLC, is a registered Commodity Pool Operator.