EQT exits remaining stake in Kodiak Gas Services, a leading provider of natural gas contract compression services in the United States

EQT has fully exited its investment in Kodiak Gas Services (NYSE: KGS) on Dec. 11, 2025, completing the final sell-down from EQT Infrastructure III and IV funds.

Rhea-AI Summary

EQT has fully exited its investment in Kodiak Gas Services (NYSE: KGS) on Dec. 11, 2025, completing the final sell-down from EQT Infrastructure III and IV funds.

Since EQT's 2019 investment, Kodiak grew into a leading North American contract compression provider: revenue and EBITDA grew >8x, headcount rose >400% to just over 1,300, and the company completed an IPO in 2023. EQT completed staged sell-downs over a 30-month period prior to this final exit.

Positive

• Revenue and EBITDA grew more than 8x during EQT ownership
• Headcount increased by over 400% to just over 1,300 employees
• Completed a public listing on the New York Stock Exchange in 2023
• EQT completed staged sell-downs over a 30-month period, ending with full exit

Negative

• None.

Argus Dec 11 session

+1.31% close to close Open Argus

Details

News Market Reaction – KGS

On Dec 11, the day this news came out, KGS closed 1.31% above the previous close.

Data tracked by StockTitan Argus for the Dec 11 session.

Key Figures

Revenue & EBITDA growth: more than 8x Headcount growth: more than 400% Employees: just over 1,300 +5 more

Revenue & EBITDA growth

more than 8x

During EQT’s investment period

Headcount growth

more than 400%

During EQT’s investment period

Employees

just over 1,300

Kodiak headcount at exit

Partnership length

nearly seven years

EQT–Kodiak partnership duration

Initial investment year

2019

EQT’s initial investment in Kodiak

Kodiak founded

2011

Company founding year

Sell-down period

30 months

Time over which EQT reduced its stake post-IPO

Emission profile

one of lowest emission fleets

Positioning in U.S. compression market

Historical Context

5 past events · Latest: Dec 02

5 events

1. Dec 02

   Secondary offering

   24h Move

   +2.0%

   EQT affiliate completed sale of 9,762,573 KGS shares with no issuer proceeds.

2. Dec 01

   Offering pricing

   24h Move

   -0.0%

   Pricing of 9,762,573-share secondary offering by selling stockholder at $34.60.

3. Dec 01

   Secondary offering

   24h Move

   -0.0%

   Announcement of 9,762,573-share sale by EQT affiliate, issuer receives no proceeds.

4. Nov 24

   Dual listing

   24h Move

   +0.8%

   Announcement of dual listing on NYSE Texas while keeping NYSE primary listing.

5. Nov 13

   Secondary offering

   24h Move

   -2.6%

   EQT affiliate sold 10,000,000 shares in secondary; issuer share count unchanged.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitda, ipo

2 terms

ebitda financial

"Kodiak's revenue and EBITDA grew by more than 8x, its headcount increased"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

ipo financial

"The exit marks the culmination of EQT's first IPO out of its infrastructure"

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Add on Google Not now

• EQT completes final exit from Kodiak Gas Services, a leader in the gas compression industry with powerful and comprehensive service capabilities 
• Under EQT's ownership, Kodiak transformed into one of the largest contract compression businesses in North America, providing critical infrastructure to leading energy producers 
• Kodiak is well-positioned for continued growth, demonstrating EQT's commitment to building future-proofed businesses through operational excellence and sustainable, hands-on value creation

NEW YORK, Dec. 11, 2025 /PRNewswire/ -- EQT is pleased to announce that the EQT Infrastructure III and EQT Infrastructure IV funds ("EQT") have fully exited their investment in Kodiak Gas Services (NYSE: KGS, "Kodiak" or the "Company"). The exit marks the culmination of EQT's first IPO out of its infrastructure platform and a nearly seven-year partnership that supported Kodiak's expansion into one of the largest contract compression companies in North America.  

Founded in 2011 and headquartered in Houston, Kodiak provides critical compression equipment and services that enable the transportation of natural gas across the U.S. energy value chain. 

Its high-horsepower fleet serves major producers and midstream operators in some of North America's most prolific, low-cost basins. Kodiak's services play an essential role in meeting growing U.S. energy needs and supporting domestic energy security, ensuring natural gas reliably reaches end users in an increasingly complex supply environment. 

Since EQT's initial investment in 2019, Kodiak has undergone a significant transformation, marked by a series of targeted value creation initiatives. The Company completed multiple strategic acquisitions, invested in digital tools and analytics to optimize asset performance and reduce emissions, launched its first ever sustainability report, and now operates one of the lowest emission fleets in the U.S. compression market. 

During EQT's investment period, Kodiak's revenue and EBITDA grew by more than 8x, its headcount increased by more than 400% to just over 1,300 employees, and it expanded its operations into new markets and geographies throughout North America. In 2023,  Kodiak successfully listed on the New York Stock Exchange. EQT completed a series of sell downs over a 30-month period following the IPO, gradually reducing its stake while continuing to support the business's evolution as a public company. 

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

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

Contact

EQT Press Office, press@eqtpartners.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-exits-remaining-stake-in-kodiak-gas-services--a-leading-provider-of-natural-gas-contract-compres,c4280278

The following files are available for download:

https://mb.cision.com/Main/87/4280278/3837493.pdf	Pres Release, EQT Infra III and EQT Infra IV, Kodiak Gas Services, 11122025
https://news.cision.com/eqt/i/kodiak-gas-service-1,c3495237	Kodiak Gas Service 1

 

View original content:https://www.prnewswire.com/news-releases/eqt-exits-remaining-stake-in-kodiak-gas-services-a-leading-provider-of-natural-gas-contract-compression-services-in-the-united-states-302639202.html

SOURCE EQT

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did EQT announce about Kodiak Gas Services (KGS) on Dec. 11, 2025?

EQT announced it has fully exited its remaining stake in Kodiak Gas Services (NYSE: KGS) on Dec. 11, 2025.

How much did Kodiak's revenue and EBITDA change under EQT's ownership?

Kodiak's revenue and EBITDA each grew by more than 8x during EQT's investment period beginning in 2019.

What workforce growth did Kodiak experience under EQT's ownership?

Kodiak's headcount increased by over 400%, reaching just over 1,300 employees.

When did Kodiak Gas Services complete its IPO?

Kodiak completed its New York Stock Exchange IPO in 2023.

How long did EQT take to reduce its stake after the IPO?

EQT executed a series of sell-downs over a 30-month period following the IPO before the final exit.

What services does Kodiak Gas Services provide and where?

Kodiak provides high-horsepower natural gas contract compression equipment and services across North America, serving major producers and midstream operators.