EQT Infrastructure III and IV funds completed a full divestiture of their stake in Houston‑based contract compression provider Kodiak Gas Services on December 11, 2025, ending a nearly seven‑year partnership that began with an initial investment in 2019 and culminated in Kodiak’s 2023 IPO.
Under EQT ownership, Kodiak’s revenue and EBITDA grew more than eightfold and its workforce expanded 400 % to over 1,300 employees. Recent financials, however, show a three‑year earnings decline of 33.6 %, a current ratio of 0.98, a quick ratio of 0.69, and a debt‑to‑equity ratio of 2.14, raising questions about the company’s long‑term liquidity and leverage profile.
EQT did not disclose the valuation or financial terms of the sale. The divestiture marks the first IPO exit from EQT’s infrastructure platform and reflects a strategic pivot toward integrating upstream and midstream assets, following the 2024 reintegration of Equitrans Midstream Corp.
EQT partner Alex Darden said the partnership demonstrated “long‑term, responsible ownership” and that EQT’s focus on building future‑proofed businesses is driven by operational excellence. Kodiak CEO Mickey McKee noted that EQT enabled the company to “scale with discipline” and set new standards in performance, safety, and sustainability.
The exit allows EQT to concentrate resources on its core natural gas production and midstream integration, positioning the company to capture growth in power generation and data‑center demand—trends that are reshaping the natural gas market.
While the announcement did not trigger a public market reaction due to the lack of disclosed valuation, analysts view the divestiture as a sign of EQT’s confidence in its core platform and a potential catalyst for future capital allocation decisions.
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