After 19 years under the Group 42 umbrella, 37 year old, Houston-based oil field service company Flo Trend will stand on its own.
Group 42 confirmed the sale of Flo Trend to Houston-based Wassar Logistics Holdings LLC in a deal that was finalized on Wednesday.
Flo Trend has provided water filtration, liquids and solids separation, oil and water separation and mixing solutions for the past 30 years but came under the Group 42 umbrella of companies back in 1997. The sale means that it will now operate as a separate and independent company.
“We are very excited to be entering this new phase with Flo Trend,” Kroesche said in a statement. “For well over 30 years, the company has delivered quality services and products and we are committed to continuing Flo Trend’s tradition of excellence.”
Because Flo Trend was acquired by a management team already in place, all of its current employees are expected to continue with the company while its existing clients can expect the quality and integrity they have come to expect from Flo Trend.
The sale price has not been disclosed but Group 42 revealed that the deal was partially financed by private equity firm Genesis Park LP.
Group 42 is a San Antonio-based holding company that provides technology-based services to customers in North America, Asia Pacific, the Arabian Gulf, West Africa and the North Sea.
This post paraphrases a more thorough article that can be found at http://www.bizjournals.com/sanantonio/news/2016/02/12/group-42-sells-oil-field-service-company-flo-trend.html#i1