Riata appoints two energy operating partners

 The Dallas private equity group has hired two executives to source investments in energy service companies.

 Riata Capital Group has appointed energy executives Brad Goebel and David Zachariah as operating partners to assist with originating investments in energy exploration and production services businesses.

Goebel was chief executive and Zachariah was chief operating officer of Accelerated Companies, a former a portfolio company of Parallel Investment Partners, a Dallas firm that was led by Riata managing partner Barron Fletcher.

Brad and David are helping us to invest in production-related energy services businesses, and they will be helping with post-investment strategy as well as overseeing operations,” Fletcher told Private Equity International.

Fletcher said the pair will help the firm source new deals in the energy sector, including production equipment, water services and disposal equipment, where they have close to two decades of experience.

Fletcher and Jeff Fronterhouse, a former private equity executive at Dallas private equity firm Brazos Private Equity Partners, launched Riata in January to focus on investing in consumer, energy, healthcare, business services and industrial service businesses.

The firm’s name is derived from the Spanish word for lasso.

Fletcher declined to comment on the firm’s fundraising activities.

Last October, Fletcher, Goebel and Zacharia sold Accelerated Companies to Dover for $430 million, realising a return of more than five times. Under Parallel’s ownership the business made 10 acquisitions.

Both Brazos and Parallel announced last year that they had no plans to raise another fund.