WhiteHawk Capital Partners, LP ("WhiteHawk"), a private credit investment manager focused on asset-based financing solutions, announced it has entered into an agreement with CherCo, LLC (“CherCo") to provide a $55 million asset-based credit facility. CherCo will use the proceeds of the financing for acquisitions of assets and service contracts, and to provide ongoing liquidity to execute on growth plans.
CherCo is an energy infrastructure company focused on contract compression services serving midstream and upstream operators in Texas, Oklahoma, Louisiana and New Mexico. The use of this facility is intended to allow CherCo to expand its contract compression services in the regions it services.
“WhiteHawk has been a creative and value-add financing partner that enables the Company to seek to become a regional market leader for contract compression services from 50 to 1775 horsepower,” said Chet Erwin, CEO of CherCo.
“We believe CherCo management is well positioned to execute in an attractive contract gas compression market with an excellent fleet of assets that are in high demand,” said Rob Chimenti, WhiteHawk Managing Director.
About CherCo:
CherCo, LLC is a provider of contract compression and aftermarket services headquartered in Texas, United States. The company specializes in offering a wide-ranging fleet covering any application. CherCo offers the latest models of Caterpillars and Waukesha engines with ariel compressors and equipment that are suited for gas lift and gas sales in addition to midstream gathering and gas processing and treating. For more information visit www.cher-co.com.
About WhiteHawk:
WhiteHawk Capital Partners, LP is a private credit investment manager focused on asset-based financing solutions primarily to middle market private and public companies across a variety of industries. WhiteHawk provides senior secured financings under a variety of structures for purposes of refinancing, recapitalization, growth, acquisition, restructuring, bridge, and DIP/emergence. For more information visit www.whitehawkcapital.com or contact info@whitehawkcapital.com.
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