On December 11, 2025, Kodiak Gas Services announced that EQT Infrastructure III and EQT Infrastructure IV have sold all remaining shares, completing a nearly seven‑year partnership that began with EQT’s initial investment in February 2019.
EQT entered Kodiak before the company went public. Kodiak’s initial public offering took place on June 28, 2023, after EQT had already begun a phased divestiture. EQT’s staged sell‑downs included a sale on August 11, 2025, a second on December 2, 2025, and a final transaction on December 6, 2025, leaving the equity base fully free of EQT ownership.
Under EQT’s stewardship, Kodiak’s revenue and EBITDA grew more than eightfold, and the workforce expanded from roughly 300 employees in 2019 to about 1,300 in 2025. The company’s debt‑to‑equity ratio remains elevated, and liquidity analysts note that the high leverage could constrain future capital‑raising options, even as the firm’s contract‑compression platform continues to dominate the Permian Basin market.
Mickey McKee, Kodiak’s president and CEO, said the partnership had “helped us scale with purpose and discipline” and that the company is well positioned for continued growth. Alex Darden of EQT added that Kodiak’s expansion “strengthened service capabilities and set a strong foundation for ongoing market leadership.”
The exit removes a major shareholder from Kodiak’s capital structure, simplifying governance and potentially easing the company’s path to future equity offerings or strategic partnerships. While the transaction does not alter Kodiak’s day‑to‑day operations, it signals a shift in the company’s financing strategy and may influence how investors assess the firm’s risk profile and growth prospects.
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