DALLAS, March 11, 2019 /PRNewswire/ — Tailwater Capital LLC (“Tailwater”), an energy-focused private equity firm based in Dallas, today announced the sale of Petro Waste Environmental to WM Energy Services Holdings, LLC, an indirect wholly owned subsidiary of Waste Management, Inc. (NYSE: WM). Terms of the transaction were not disclosed.

Based in San Antonio, Texas, Petro Waste Environmental was originally funded by Tailwater in 2014 in partnership with founder and CEO George Wommack, and has since grown to become a leading provider of comprehensive oilfield environmental services and solid waste disposal serving the Permian Basin and Eagle Ford Shale Play, two of the most economically active oil and gas producing regions in the U.S.

“We could not be more pleased with the success of Petro Waste Environmental, which is now the premier landfill operator in the Permian Basin,” said Edward Herring, Co-Founder and Managing Partner of Tailwater Capital. “At Tailwater, we have an exceptional track record of developing greenfield oilfield infrastructure by leveraging our relationships and knowledge within the upstream sector. We are pleased with the success of the business and the value we have delivered for our investors and for the entire Petro Waste Environmental team.”

“Over the last five years, Petro Waste Environmental undertook an unprecedented effort to develop a network of long-lead landfill facilities across the two most prolific shale basins in the U.S. This required extensive regulatory and operational expertise from the management team as well as deep upstream knowledge and commitment from Tailwater to develop strategically located facilities during a volatile period in the oil and gas sector,” said David Cecere, Partner at Tailwater Capital and Director of Petro Waste Environmental. “Today, our efforts have resulted in rapid market capture, differentiated customer service and an unwavering commitment to environmental stewardship in a rapidly-evolving industry. We believe the company is well positioned to enter its next phase of strategic growth under new ownership.”

Since inception, Petro Waste Environmental has organically permitted five landfills, acquired two landfill permits, and built five state-of-the-art facilities, strategically increasing its footprint and proximity to exploration and production activity in the West Texas region while improving its service and disposal capabilities for its valued customers.

“We are very proud of our work with the team at Tailwater Capital, whose support has been a critical factor in our business’ success. From day one, Tailwater shared in our vision of building one of the most scalable oilfield solid waste-processing and disposal platforms in the industry,” said George Wommack, Chief Executive Officer of Petro Waste Environmental. “We are pleased that our employees will have the opportunity to continue to build on our success under Waste Management ownership and expand upon the essential services we provide to our customers and the communities in which they operate.”