EQT completes exit from Kodiak Gas Services stake

EQT Infrastructure III and EQT Infrastructure IV funds have completed their full exit from Kodiak Gas Services (NYSE: KGS), marking the end of a nearly seven-year investment partnership, according to a company statement.

The exit represents EQT's first initial public offering from its infrastructure platform. EQT initially invested in the Houston-based natural gas compression services company in 2019 and completed a series of selldowns over 30 months following Kodiak's 2023 New York Stock Exchange listing.

During EQT's ownership period, Kodiak's revenue and earnings before interest, taxes, depreciation and amortization grew by more than eight times. The company's workforce expanded by more than 400% to approximately 1,300 employees, and operations extended into new North American markets.

Kodiak provides compression equipment and services for natural gas transportation across the U.S. energy value chain. The company operates a high-horsepower fleet serving major producers and midstream operators in North American energy basins.

"Kodiak's journey is a wonderful example of how long-term, responsible ownership can help mission-critical businesses scale with resilience and purpose," said Alex Darden, Partner and Head of EQT Infrastructure Advisory Team Americas.

Under EQT's ownership, Kodiak completed multiple strategic acquisitions and invested in digital tools and analytics to optimize asset performance. The company launched its first sustainability report and operates what it describes as one of the lowest emission fleets in the U.S. compression market.

"EQT has been a tremendous partner, helping Kodiak scale with purpose and discipline," said Mickey McKee, Kodiak President and Chief Executive Officer.

Founded in 2011, Kodiak serves energy producers in what the company characterizes as some of North America's most productive, low-cost basins.

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