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TRI-POINT OIL & GAS PRODUCTION SYSTEMS, LLC ANNOUNCES ACQUISITION OF LEADING PERMIAN BASIN PRODUCTION EQUIPMENT MANUFACTURER AND SUPPLY PROVIDER

Houston, Texas, July 06, 2017 (GLOBE NEWSWIRE) -- Tri-Point announced today the acquisition of two leading companies, Edge Manufacturing & Technology and Crossfire Sales and Services. Both companies, based in Midland, Texas, specialize in oil and gas production and processing equipment, supplies and associated services. The acquisitions enlarge Tri-Point’s expanding geographic footprint to include the Permian Basin. The new Tri-Point companies further diversify the company’s product and service offerings, and better position the organization to service customers in one of the most prolific shale plays in the U.S.



“We are continuing to execute on our plan to bring a fundamentally different solution set to our customers by joining together leading companies from across our industry,” explained Britt Schmidt, CEO, Tri-Point. “Edge and Crossfire are two powerful additions to our Tri-Point team. Their commitment to quality products and top-level personal service have made them respected leaders in their fields. They are important parts to our commitment to becoming the national leader in oil and gas production and processing solutions for our onshore upstream and midstream customers. We are excited to integrate Edge and Crossfire into the Tri-Point team and to bring even greater services to our customers.”

Tri-Point, a growing oil and gas production and processing solutions provider, expects these acquisitions to work synergistically to build and enhance the company’s current equipment and service offerings:

  • Edge Manufacturing & Technology (“Edge”) is an industry leader in the manufacturing of ASME and Non-Code vessels in the Permian Basin. The company specializes in separators, heater treaters, free water knockouts and oil storage tanks.
  • Crossfire Sales & Services (“Crossfire”) provides standard and custom oil and gas field products including pipe, valves, fittings, project trailers and combustors. The company has locations in Artesia, New Mexico, and Midland and Fort Stockton, Texas.

Cody Crossland, President and CEO of Edge Manufacturing & Technology, commented, “We are impressed with what Tri-Point is building. We are honored to be part of this dynamic, forward thinking company. This is an important step for Edge, as it enables us to grow and continue to service our customers in the Permian, Delaware and other nearby basins. We are known for high-quality products and services and believe joining forces with Tri-Point will offer us even greater opportunities to better serve existing and new customers.”

“Crossfire has been in growth mode since we started, so partnering with Tri-Point was a natural fit,” said Ronnie Crossland, President, Crossfire Sales & Services. The Crossfire supply stores will complement Tri-Point’s field service locations and provide the parts required to support the company’s installation of turnkey modular production systems.

Financial details of the transactions were not disclosed. The acquisition of Edge and Crossfire follows Leed Fabrication, Superior Fabrication, and Streamline Production Systems joining the Tri-Point team over the past 10 months. The company will continue to identify companies with a similar commitment to delivering unique solutions through quality services as well as experienced and safe professionals.

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About Tri-Point

Tri-Point brings together high-performing, complementary products and services with national-scale infrastructure, centered on oil and gas production and process equipment and services. The company was co-founded by Britt Schmidt and David Lucke, experienced oil and gas executives, with the vision of creating a differentiated national brand that has the technical capability to more efficiently fulfill customer needs. Tri-Point’s brands include Crossfire Sales & Services, Edge Manufacturing & Technology, Leed Fabrication, Superior Fabrication and Streamline Production Systems.

Tri-Point is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.

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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2e42ac55-e75b-4a0d-8a1b-060d01239a31

Adam Maurer Deutser LLC 713-850-2106 amaurer@deutser.com

Source:Greater Houston Community Foundation