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Gravity's sale of chemical division
- PR Newswire
Gravity, a growth-oriented water and power infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), today announced the sale of Tech Management, its production chemicals platform, to Coastal Chemical Co., L.L.C. ("Coastal Chemical"), a Brenntag Company. Financial terms of the transaction were not disclosed.
"This transaction represents a strategic step for Gravity as we focus on accelerating growth in our water and power infrastructure businesses, while enabling Tech Management to continue to grow its capabilities under Coastal Chemical and Brenntag," said Rob Rice, President and CEO of Gravity. "Safety and quality of service will continue to be our focus as we work with Coastal Chemical to ensure a smooth transition of customers and employees. Over the last decade, Tech Management has built a chemical business focused on improving production and maintaining reliability of oil and gas wells for producers. Gravity's other operations and services will not be impacted by this transaction."