EQT Acquires Kodiak Gas Services from The Stephens Group

EQT Exits Remaining Stake in Kodiak Gas Services

December 11, 2025

Oil & Gas

EQT Infrastructure III and IV have fully exited their investment in Kodiak Gas Services (NYSE: KGS), following Kodiak's 2023 IPO and a 30-month series of sell-downs. Kodiak, headquartered in Houston, Texas, is a leading provider of natural gas contract compression services in North America; under EQT's ownership the business grew revenue and EBITDA more than 8x and expanded headcount to just over 1,300 employees.

Kodiak Gas Services (EQT) Acquires Pegasus Optimization Managers from Apollo

September 25, 2019

Oil & Gas

EQT Infrastructure portfolio company Kodiak Gas Services has signed a definitive agreement to acquire Pegasus Optimization Managers from affiliates of Apollo Natural Resource Partners II. The deal combines two fast-growing contract compression businesses — creating a leading U.S. contract compression platform with more than 2,500,000 revenue-generating horsepower; the transaction is expected to close in Q4 2019 and financial terms were not disclosed.

Kodiak Gas Services Acquires CSI Compressco LP for $854M in All-Equity Deal

December 19, 2023

Energy

Kodiak Gas Services, Inc. agreed to acquire CSI Compressco LP in an all-equity transaction valued at approximately $854 million (including assumed net debt of $619 million), creating the largest contract compression fleet in the industry. The deal expands Kodiak’s service offerings into CSI Compressco’s treating, gas cooling and aftermarket services, is expected to be accretive to cash flow, and targets at least $20 million of annual run-rate synergies.

EQT Infrastructure Acquires Osmose Utilities Services, Inc.

May 7, 2019

Infrastructure

EQT Infrastructure has acquired Osmose Utilities Services, Inc. from Kohlberg Investors VII (managed by Kohlberg & Company). Osmose, headquartered in Peachtree City, Georgia, is a leading provider of inspection, maintenance and restoration services for utility and telecom infrastructure; EQT will support growth, expand services, and enhance data analytics under the existing Osmose management team.

EQT Corporation Acquires Tug Hill and XcL Midstream from Quantum Energy Partners

August 16, 2023

Energy

EQT Corporation has completed its acquisition of Tug Hill's upstream assets (THQ Appalachia I) and XcL Midstream's gathering and processing assets (THQ‑XcL Holdings I) from Quantum Energy Partners for a mix of cash and EQT stock (transaction consideration initially announced at ~$5.2 billion; closing consideration reported as ~$2.4 billion cash plus EQT shares). The bolt‑on deal expands EQT's footprint and midstream capabilities in Southwest Appalachia, delivering production and gathering/processing capacity expected to lower EQT's cost structure and increase cash flow.

Comfort Systems USA Acquires Edwards, Thermal Businesses and Kodiak Labor Solutions

January 5, 2022

Construction

Comfort Systems USA (NYSE: FIX) acquired MEP Holding Co., Inc. and its subsidiaries including Edwards Electrical & Mechanical, Inc., a Richmond, Kentucky-based service and controls business (Thermal Service, LLC and TES Controls, LLC), and Kodiak Labor Solutions, LLC, a temporary staffing firm based in Indiana. The additions expand Comfort Systems USA's Midwest footprint, add specialized clean-room and controls capabilities, bolster HVAC service and chiller maintenance capacity in Kentucky, and augment skilled labor resources for project staffing.