EQT Fully Exits Kodiak Gas Services After Seven-Year Buildout
EQT has completed its full exit from Kodiak Gas Services, ending a seven-year investment that helped build one of North America’s largest contract compression platforms following the company’s 2023 IPO.
(P&GJ) — EQT has completed its full exit from Kodiak Gas Services, ending a nearly seven-year investment that saw the Houston-based company grow into one of the largest contract compression providers in North America.
The final exit concludes EQT’s first infrastructure IPO investment, following Kodiak’s public listing on the New York Stock Exchange in 2023. EQT gradually reduced its stake over roughly 30 months after the IPO before completing its final sell-down.
Founded in 2011, Kodiak provides contract compression equipment and services that support natural gas transportation across major producing basins in the U.S. Its high-horsepower fleet serves producers and midstream operators in several of North America’s most active gas regions.
Since EQT’s initial investment in 2019, Kodiak expanded through a series of acquisitions, increased its workforce to more than 1,300 employees, and broadened its operational footprint across North America. During that period, the company’s revenue and EBITDA increased more than eightfold.
Kodiak also invested in digital tools and analytics to improve asset performance and reduce emissions, launched its first sustainability report, and now operates one of the lowest-emission fleets in the U.S. compression market, according to EQT.
Alex Darden, partner and head of EQT Infrastructure Advisory Team Americas, said the investment demonstrated the impact of long-term ownership in mission-critical energy infrastructure.
“Kodiak's journey is a wonderful example of how long-term, responsible ownership can help mission-critical businesses scale with resilience and purpose,” Darden said. “The team expanded Kodiak's reach, enhanced its service capabilities, and laid a strong foundation for continued growth and leadership in the compression market. We're proud to have partnered with Kodiak and are deeply grateful to the team for their trust and collaboration over nearly seven years.”
Kodiak President and CEO Mickey McKee said EQT’s support helped position the company for its next phase as a public operator.
“EQT has been a tremendous partner, helping Kodiak scale with purpose and discipline,” McKee said. “Together, we built one of the largest contract compression platforms in North America and set new benchmarks for performance, safety, and sustainability. With this strong foundation, we are well-positioned for continued growth and excited for what comes next.”