Nova Compression Bolsters Growth Strategy with a $325MM Capital Raise, Including a Structured Equity Commitment from OIC and ABL from J.P. Morgan

September 23, 2025

OKLAHOMA CITY - Nova Compression, LLC (“Nova” or the “Company”), a leading provider of contract compression infrastructure, announced the closing of a $105MM Structured Equity commitment from OIC LP (“OIC”). OIC's investment is complemented by a new asset-based loan (ABL) facility led by J.P. Morgan, with participation from Bank OZK, First Citizens Bank, and Sunflower Bank, and the continued support of Nova's existing shareholders.

“This transaction marks an inflection point for Nova,” said Jonathan Mitchell, Chief Executive Officer of Nova Compression. “OIC's investment gives us the financial resources we need to fully capitalize on the opportunities we see in the compression market, while the J.P. Morgan-led credit facility provides us flexibility to scale our mixed fleet strategy. With their support, and the support of our longtime partners, we will continue to deliver world-class service to our customers across multiple horsepower ranges, with both natural gas and electric units.”

Mitchell continued: “All of our stakeholders and customers will benefit from the growth of our Company, reinforcing our commitment to provide the highest quality work environment for our employees, while deepening our customer relationships by growing with them.”

Nova worked closely with OIC to design a structured equity solution that will enable the Company to grow on multiple fronts while serving its existing customer base. With this new capital in place, Nova plans to grow its diversified natural gas and electric engine fleet, expand in both existing and new geographies, and opportunistically pursue accretive acquisitions where Nova's operating model can drive immediate value.

“OIC is excited to partner with Nova as they enter this new phase of growth” said Chris Leary, Investment Partner and Head of Infra Equity at OIC. “Nova is an already successful platform with a diverse range of assets that provide critical compression services to leading energy companies. The Company is in a strong position to unlock growth in existing and new geographies. We are excited to work with the entire Nova team and its existing investors to execute on the Company's long-term strategy”.

Moelis & Company LLC served as exclusive placement agent and Foley & Lardner, LLP served as legal advisor to Nova Compression. Vinson & Elkins LLP served as legal advisor to OIC.

About Nova Compression

Nova Compression is a premier provider of natural gas compression services to exploration and production companies in Texas, Oklahoma, New Mexico, Arkansas, Kansas, and Louisiana. The company's business model centers on its mixed fleet strategy; providing an entire range of natural gas and electric compression, from 100 to 3,000 horsepower. For more information, visit www.nova-compression.com.

About Nova Compression

With approximately $5 billion in assets under management, OIC invests in North America and select international markets. OIC's unique partnership approach - for entrepreneurs, by entrepreneurs - cultivates creative credit, equity, and growth capital solutions to help middle market businesses scale and deploy sustainable infrastructure. OIC's target investment sectors include energy efficiency, sustainable power, waste and recycling, digital infrastructure, renewable fuels, transportation, storage and logistics, and other infrastructure. OIC was founded in 2015 by a team of energy and sustainability veterans, successful infrastructure investors, and former asset owners and industry operators. Across OIC's platform is a team of approximately 48 professionals based in New York, Houston, and London. To learn more, visit www.oic.com.

Media Contact

Alex Weintz; [email protected]; 914.282.3229

Nova Compression Expands West Texas Operations with New Compressor Package Purchase

December 5, 2024

OKLAHOMA CITY - Nova Compression, LLC (Nova) a full-service gas compression company with operations in Oklahoma, Texas and Louisiana, today announced the purchase of a package of natural gas compression assets from Kodiak Gas Services LLC of The Woodlands, Texas. The acquired compression packages, located in the Pecos area of West Texas, allows Nova to double its density in an active area of the Delaware Basin.

Under the leadership of Chief Executive Officer Jonathan Mitchell, Nova continues to grow its operations and equipment offerings to serve a wide range of compression and energy services needs.

“The new assets will expand our presence in West Texas while further growing our flexible range of horsepower we offer customers,” said Mitchell. “By offering compression packages that range from under 200 horsepower units to large 2,000-plus horsepower compressors, Nova is positioned to serve the industry as a one-stop shop and flexible provider of compression.”

Crestline Investors, known for its strategic investments and support of innovative growth companies, provided financing for the acquisition.

“We commend Jonathan and his team on continuing to thoughtfully build out the Nova platform while delivering higher levels of service to its blue-chip customer base and are excited to help finance the company's future growth," said Michael Aingorn, Managing Director for Crestline Investors.

Nova was founded in 2007 and has served the Texas and Midcontinent regions since that time. Subsequent to closing the acquisition from Kodiak, Nova now has over 330,000 horsepower in Oklahoma, South Texas, West Texas and Ark-La-Tex.

Nova Compression Continues Industry Leading Growth

December 2, 2021

OKLAHOMA CITY - Nova Compression, LLC, (NOVA) a full-service gas compression company with operations in Oklahoma, Texas and Louisiana, today announced a large purchase of compression packages, adding over 170,000 horsepower to its total fleet. The acquisition from Heartland Compression, a subsidiary of Reserve, LA-based Louisiana Machinery (LMC) solidifies Nova's status as one of the fastest growing energy service companies in the nation.

Growth With New Acquisition

Nova began 2021 with 40,000 horsepower in total fleet before making large acquisitions in February and again in October. The addition of 170,000 horsepower this month brings Nova's total fleet to approximately 300,000 horsepower, a 750% increase in total capacity this year. Nova's staff has also increased from 30 employees in January to over 120. The growth has equated to returns for shareholders, with Nova reporting a 1,900% increase in earnings. “Nova is growing at an astronomical rate, and it's exciting to be part of that growth and success,” said Chief Executive Officer Jonathan Mitchell. “At the same time, our identity has not changed. We are a service-oriented business and our focus - regardless of our size - is on providing our customers with the best, most reliable and most cost-effective services on the market.”

Louisiana Machinery Chief Financial Officer Jason Maurin said Nova's values made it an ideal business partner.

“Louisiana Machinery is pleased to be part of Nova's extraordinary growth,” said Maurin. “Our compression business was built on customer relationships that were fostered through our premium equipment and service. It was important that the buyers of our business shared these values, and it is clear that the leadership and shareholders of Nova Compression are aligned in their customer centric focus. We look forward to a continued relationship with Nova and wish them well in their future business endeavors.”

Nova was founded in 2007 and has served the Texas and Midcontinent regions since that time. Subsequent to closing the acquisition from LMC, Nova now has approximately 300,000 horsepower deployed in Oklahoma, South Texas, West Texas and Ark-La-Tex. Oklahoma-based law firm Hall Estill served as counsel for Nova.

Nova Compression to Triple Capacity in Less Than One Year

October 1, 2021

OKLAHOMA CITY - Nova Compression, LLC, (Nova) a full-service gas compression company with operations in Oklahoma, Texas and Louisiana, is once-again growing under the leadership of Chief Executive Officer Jonathan Mitchell and is now poised to triple its service capacity in under a year. In February 2021, the company announced the purchase of a large number of compression packages from Houston-based Archrock, bringing its total compression from 40,000 horsepower to 80,000 horsepower. This week, Nova announced its total horsepower will increase to 120,000 with the purchase of the Oklahoma Rental fleet of compression packages from Heartland Compression, a subsidiary of Reserve, LA-based Louisiana Machinery (LMC).

“The new employees and assets further cement Nova's status as the market's leading provider of production-based compression,” said Mitchell. “We are proud of the way Nova has grown quickly without sacrificing customer service or efficiency. It is a testament to the hard work, dedication and professionalism of the entire Nova team.”

Nova was founded in 2007 and has served the Texas and Midcontinent regions since that time. Subsequent to closing the acquisition from LMC, Nova now has 120,000 horsepower deployed in Oklahoma, South Texas, and Ark-La-Tex. CIT Northbridge provided debt financing for the transaction, and Oklahoma-based law firm Hall Estill served as counsel for Nova.

Nova Compression Starts New Chapter with Major Acquisition and Rebranding Effort

February 10, 2021

Mustang Gas Compression, a full-service gas compression company with operations in Oklahoma, Texas and Louisiana, is rebranding and expanding under the leadership of Chief Executive Officer Jonathan Mitchell, an Oklahoma City native who joined the company in January of 2020. Beginning on February 10, 2021, Mustang will be rebranded as Nova Compression. In addition to a new look and feel, the company is also growing dramatically after purchasing a large number of compression packages from Houston-based Archrock.

Nova's predecessor was founded in 2007 and has served the Texas and Midcontinent regions since that time. Subsequent to closing the acquisition from Archrock, Nova now has over 80,000 horsepower, deployed in Oklahoma, South Texas, and Ark-La-Tex. CIT Northbridge provided debt financing for the transaction, and Oklahoma-based law firm Hall Estill served as counsel for Nova.

“The new assets will dramatically expand Nova's ability to provide services in multiple states,” said Mitchell.

“Nova means 'new', and the name underscores our commitment to launching a new and exciting chapter in our company's history. We have added a large amount of high-quality equipment, which means we'll be able to greatly ramp up services in multiple states. Of course, Nova is scaling up while maintaining the commitment to service and our customers' production, both of which have always been our hallmarks,” concluded Mitchell.