WASHINGTON (dpa-AFX) - EQT (EQT) announced that its Infrastructure III and Infrastructure IV funds have fully exited their investment in Kodiak Gas Services.
The exit concludes EQT's first IPO from its infrastructure platform and a nearly seven-year partnership that supported Kodiak's rise into one of North America's largest contract compression companies.
Founded in 2011 and based in Houston, Kodiak provides essential natural gas compression equipment and services across the U.S. energy value chain. Its high-horsepower fleet supports major producers and midstream operators in key low-cost basins. The company's services are critical to maintaining domestic energy security by ensuring reliable natural gas transport in a complex supply environment.
Since EQT's initial investment in 2019, Kodiak has undergone substantial operational and strategic transformation. It executed multiple acquisitions, invested in digital tools and analytics to improve asset efficiency and lower emissions, and released its first sustainability report.
Kodiak now operates one of the lowest-emission fleets in the U.S. compression market. Over the investment period, revenue and EBITDA increased more than eightfold, the workforce grew by over 400 percent to more than 1,300 employees, and operations expanded across new markets in North America.
Kodiak was listed on the New York Stock Exchange in 2023. EQT gradually reduced its stake over the following 30 months through a series of sell-downs while continuing to support the company's transition as a public business.
Alex Darden, Partner and Head of the EQT Infrastructure Advisory Team Americas, noted that Kodiak's growth demonstrates the impact of long-term, responsible ownership. He stated that Kodiak broadened its reach, strengthened service capabilities, and established a strong foundation for ongoing market leadership.
Mickey McKee, Kodiak's President and CEO, said the partnership with EQT enabled Kodiak to scale with discipline, build one of the largest compression platforms in North America, and set new standards in performance, safety, and sustainability. He said Kodiak is well-positioned for future growth.
EQT closed Wednesday at $57.25, down 2.17%, and is trading pre-market at $57.09, a further decline of 0.28% on the NYSE.
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