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A private equity firm specializing in energy-focused companies has bought into Extreme Plastics Plus Inc., a company that uses plastics films and other technologies to protect petroleum well sites from soil contamination.
Hastings Equity Partners LLC said Dec. 10 that the investment is the first in its third fund series. It did not disclose terms of the deal.
Extreme Plastics buys high density polyethylene and linear low density PE films to create environmental liners. Its headquarters is in Fairmont, W.Va. Hastings stated in a news release that Extreme Plastics is gaining from more stringent leak prevention regulations enacted in the Marcellus and Utica petroleum shale formations in the United States.
Last year, Extreme Plastics installed its 25 millionth square foot of environmental liners since it was established in 2007.
“We are excited about our partnership with the Hastings team and are already benefiting from their operating experience and oilfield network,” stated Extreme Plastics founder and CEO Bennie Wharry in a news release.
Hastings is based in Needham, Mass., and runs an office in Houston. The firm’s managing director Ted Patton said Hastings will work with Extreme Plastics to make sure customers are in compliance with state and federal regulations.