Norwest Equity Partners, the private equity arm of Wells Fargo & Co. is adding to its energy portfolio with an investment in Uintah Engineering & Land Surveying, for an undisclosed sum.
Sources familiar with the transaction say that the investment comes from the firm’s ninth fund, which closed in 2008 on $1.2 billion. NEP purchased Unitah from Moelis Capital Partners.
Moelis acquired Unitah in 2011, from APCO Capital and Ridgeview Capital for an undisclosed sum.
Norwest declined to comment on financial details of the transaction.
Uintah is a provider of surveying, drafting, and engineering services to the upstream and midstream oil & gas industry. NEP says the company exists within an industry that has very attractive market dynamics and favorable growth opportunity. Due to federal, state, and local requirements, land rights, and operator data needs, all work within the oilfield services sector requires a survey.
NEP invests in manufacturing, distribution, and services companies within a variety of industry sectors. The firm typically targets management buyouts, recapitalizations, and growth financings.
In August, NEP made a handful of internal promotions and new hires to its investment team. Kevin Torgerson joined the firm as a principal on the investment staff from BT Global Services, PEI reported at the time. Christina Miller was also promoted to principal and Darren Herz was promoted to treasurer.
William Blair & Company and Moelis & Company served as financial advisors to Uintah on the transaction, and financing was provided by GE Capital.