Gravity to Acquire Permian Basin Focused Water Midstream Gathering and Disposal Company On Point
Vinson & Elkins advised Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, L.P., in a definitive agreement to acquire On Point Oilfield Holdings, LLC ("On Point") from White Deer Energy. On Point is a contracted produced water midstream company focused on gathering and disposal operations in the Midland Basin.
Gravity's acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland Basin.
The V&E corporate team was led by partner Matt Strock with assistance from associates Mike Marek and Farah Chranya.