EQT Infrastructure III has acquired US-based contract compression business Kodiak Gas Services for an undisclosed sum.

Kodiak supplies compression equipment for the extraction of oil and transportation of natural gas.

Established in 2011, Kodiak has more than 1,130,000 revenue-generating horsepower (HP) deployed across key basins in the US, including the Permian, Eagle Ford, and Scoop/Stack.

The company capitalises on rising US oil and gas output, greater centralisation of compression needs, and an increased use of compression for improved margins.

“EQT’s partnership with Kodiak will allow us to continue achieving industry-leading profitability and growth rates while continuing to provide the best service in the industry.”

EQT Partners partner Alex Darden said: “Kodiak’s differentiated service offering, strong commitment to customers and critical infrastructure at every juncture in the oil and gas value chain make the company unique in their industry, embodying EQT Infrastructure’s approach of targeting high-quality, industry leading, stable businesses with transformation potential.

“We are impressed with Kodiak’s continued transformation through data implementation and strong growth and believe that the company’s ambition and people will continue to have positive impacts going forward.”

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During the next phase of development, Kodiak will be supported by EQT in its expansion plans with a focus on increasing the customer base.

The company’s growth plans also include improving its technology platform and increasing its service offering.

EQT will also offer assistance in enhancing growth and operational efficiencies by providing its network of industrial advisers with experience in the Energy and Midstream sectors.

Kodiak will continue to operate under the leadership of president Mickey McKee, CEO David Marrs, and the management team.

Marrs said: “EQT’s partnership with Kodiak will allow us to continue achieving industry leading profitability and growth rates while continuing to provide the best service in the industry.”