An investment firm has acquired Kodiak Gas Services LLC of Houston from The Stephens Group LLC of Little Rock, a private investment firm led by Witt Stephens Jr. and Elizabeth Campbell. 

Financial terms of the sale to the EQT Infrastructure III fund were not disclosed. Founded in 2011, Kodiak provides contract compression and related services for the oil and gas industry in North America.

“The Kodiak team grew an idea in 2011 into the 3rd largest contract compression company in the United States,” Witt Stephens said in a news release. “We have been fortunate to partner with these talented industry executives and feel confident that they will continue their record of growth and success with their new partners.”

The EQT Infrastructure III fund is part of EQT Partners, an international investment firm founded in 1994.

In a news release, EQT said Kodiak will keep its corporate headquarters in Houston and operate under the continued leadership of President Mickey McKee, CEO David Marrs and other members of the Kodiak management team.

EQT said it will support Kodiak in the next phase of development, focusing on continued expansion with existing and new customers, strengthening its technology platform and enhancing services.

“We are excited to help build and shape the next phase of development for Kodiak and look forward to working with such a talented group of people and outstanding executive management team who share the same culture, values and drive as EQT,” Alex Darden, partner at EQT, said.

Kodiak has 285 employees and provides services in the Permian, Eagle Ford, Scoop/Stack and other basins of the U.S.