EQT Acquires Kodiak Gas Services from The Stephens Group

EQT Exits Remaining Stake in Kodiak Gas Services

December 11, 2025

Oil & Gas

EQT Infrastructure III and IV have fully exited their investment in Kodiak Gas Services (NYSE: KGS), following Kodiak's 2023 IPO and a 30-month series of sell-downs. Kodiak, headquartered in Houston, Texas, is a leading provider of natural gas contract compression services in North America; under EQT's ownership the business grew revenue and EBITDA more than 8x and expanded headcount to just over 1,300 employees.

Kodiak Gas Services (EQT) Acquires Pegasus Optimization Managers from Apollo

September 25, 2019

Oil & Gas

EQT Infrastructure portfolio company Kodiak Gas Services has signed a definitive agreement to acquire Pegasus Optimization Managers from affiliates of Apollo Natural Resource Partners II. The deal combines two fast-growing contract compression businesses — creating a leading U.S. contract compression platform with more than 2,500,000 revenue-generating horsepower; the transaction is expected to close in Q4 2019 and financial terms were not disclosed.

Kodiak Gas Services to Acquire CSI Compressco in an $854 Million All-Equity Deal

December 19, 2023

Industrial Services

Kodiak Gas Services, Inc. (NYSE: KGS) executed a definitive merger agreement to acquire CSI Compressco LP (NASDAQ: CCLP) in an all-equity transaction valued at approximately $854 million, including assumed net debt. The deal will combine Kodiak’s contract compression fleet with CSI Compressco’s compression, treating, gas cooling, and aftermarket services capabilities, targeting synergies and accretion to Kodiak’s cash flows.

Kodiak Gas Services to Acquire Distributed Power Solutions in $675 Million Deal

February 9, 2026

Industrial Services

Kodiak Gas Services entered into a definitive agreement to acquire Distributed Power Solutions (DPS) in an equity-and-cash transaction valued at approximately $675 million, subject to customary adjustments. Kodiak will pay $575 million in cash and issue 2,401,278 shares of Kodiak common stock (valued at roughly $100 million), with closing expected in early April 2026 subject to regulatory approvals and other conditions.

QXO, Inc. to Acquire Kodiak Building Partners

February 11, 2026

Retail

QXO, Inc. (NYSE: QXO) entered into a definitive agreement to acquire Kodiak Building Partners for approximately $2.25 billion from Court Square Capital Partners. The deal is expected to close in early Q2 2026 and is designed to expand QXO’s presence in key markets and cross-sell products and support services across the combined customer base.

EQT Infrastructure Acquires Osmose Utilities Services, Inc.

May 7, 2019

Infrastructure

EQT Infrastructure has acquired Osmose Utilities Services, Inc. from Kohlberg Investors VII (managed by Kohlberg & Company). Osmose, headquartered in Peachtree City, Georgia, is a leading provider of inspection, maintenance and restoration services for utility and telecom infrastructure; EQT will support growth, expand services, and enhance data analytics under the existing Osmose management team.