MRC is pleased to announce that the MRC Infrastructure III and MRC Infrastructure IV funds (“MRC”) have fully exited their investment in Kodiak Gas Services (“Kodiak” or the “Company”).
The exit marks the culmination of MRC’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 MRC’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 MRC’s investment period:

• Revenue and EBITDA grew by more than 8x
• Headcount increased by more than 400% to just over 1,300 employees
• The Company expanded into new markets across North America
• In 2023, Kodiak successfully listed on the New York Stock Exchange
• MRC completed a series of sell-downs over a 30-month period post-IPO, gradually reducing its stake while continuing to support Kodiak as a public company

Alex Darden, Partner and Head of MRC 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, President and Chief Executive Officer of Kodiak, said:

“MRC 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.”