Vinson & Elkins advised Gravity.
Vinson & Elkins advised Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, L.P., in a definitive agreement to acquire On Point Oilfield Holdings, LLC (“On Point”) from White Deer Energy. On Point is a contracted produced water midstream company focused on gathering and disposal operations in the Midland Basin.
Gravity’s acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Pro forma for the acquisition, Gravity will own and manage more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. In connection with the closing of the acquisition, Trace Hight, founder and CEO of On Point, will join Gravity as its Chief Commercial Officer of Water Infrastructure.
The V&E corporate team was led by partner Matthew Strock (Picture) with assistance from associates Mike Marek and Farah Chranya.
Law Firms: Vinson & Elkins LLP;
Clients: Gravity Midstream LLC;