SCF Partners’ 2025 Year in Review
2025 SCF Highlights
- Generated over $425 million of distributions from the portfolio
- Drove value creation through operational enhancements and tuck-in M&A, with portfolio revenue, EBITDA and margins up significantly despite turbulent market conditions
- Expanded exposure to infrastructure, industrial, and transition end markets
- Continued deployment of Fund X, including a new platform investment (Phoenix Energy Services)
- Expanded SCF’s global deal team
A Year of Strong Investment & Liquidity Activity
In a year marked by market volatility, SCF Partners delivered over $425 million of cash to investors through dividends and investment realizations, while also capitalizing on compelling new investment opportunities.
New Platform: Phoenix Service Partners (Fund X)
March 2025 – SCF completed a new platform investment in Phoenix Service Partners, a provider of high-horsepower, low-emissions natural gas compression services. The company was founded in 2024 by respected industry veterans Randy Dean (CEO) and Rick Childress (COO) who previously built and led two of the industry’s most successful contract compression companies, CDM Resource Management and Pegasus Optimization Managers. The investment reflects SCF’s continued focus on infrastructure-oriented businesses benefiting from rising power demand, emissions reduction, and LNG growth tailwinds.
Successful Exit: Contract Resources (Fund IX)
July 2025 – SCF completed the sale of Contract Resources on July 31, 2025 to Cleanaway Waste Management, a leading provider of waste and industrial services, for a headline valuation of A$377 million. During SCF’s ownership, Contract Resources expanded its capabilities across critical industrial and energy infrastructure services, doubling the company’s revenue and positioning the business for continued growth in the decommissioning of aging energy infrastructure. SCF originally invested in Contract Resources in 2019.
Minority Sale: T.D. Williamson (Fund IX)
June 2025 – SCF announced a strategic minority investment in T.D. Williamson by Apollo (NYSE: APO), underscoring the operational and strategic progress achieved since SCF’s initial investment in 2022. The partnership positions TDW for continued growth while providing meaningful early liquidity and allowing SCF to retain majority ownership and support long-term value creation.
Strategic Sale: Shelf Subsea (Fund VIII)
May 2025 – SCF completed the strategic sale of Shelf Subsea to DeepOcean, aligning the business with a global leader in subsea services. The transaction supports Shelf Subsea’s continued expansion and provides a strong platform in Asia-Pacific for deployment of DeepOcean’s capability.
Additional transactions include the sale of Kinetic Pressure Control (May 2025; SCF Ventures) to Scout Surface Solutions, as well as tuck-in M&A across the portfolio
Portfolio Highlights: Ongoing Value Creation
SCF Partners has driven strong returns for more than 36 years through a focus on capital discipline and active value creation. In 2025, the firm saw success across the portfolio from asset optimization, geographic and end market expansion, and strategic M&A.
Flowchem – Early Distributions
Flowchem generated strong free cash flow, enabling substantial early distributions to investors while preserving flexibility for continued growth initiatives. SCF invested in Flowchem in 2024.
Score – Accelerating Global Expansion
Score executed the acquisition of Callidus, the company’s third strategic acquisition, strengthening service capabilities and adding a leading position in the critical minerals processing sector to further expand end-market diversification.
Centurion – Strategic M&A Execution
Centurion completed 3 targeted M&A tuck-ins to expand service offerings and geographic reach, supporting diversification into infrastructure and industrial end markets aligned with SCF’s Brown-to-Growth strategy.
Pipeline Plastics – New Manufacturing Facility and Geographic Expansion
Pipeline Plastics expanded its infrastructure platform with the opening of a new manufacturing center in Idaho, enhancing production capacity and supporting broader service offerings in high-growth non-residential and infrastructure end markets.
MPK – Successful End Market Expansion
MPK delivered the largest wind farm in the Southern Hemisphere, comprising 215 turbines and 1.3 GW of installed capacity. MPK also achieved meaningful growth in its Flare360 product line, supporting methane-emissions reductions during workover operations. Renewables accounted for 33% of MPK’s total FY25 end-market revenue, up from zero at the time of SCF’s investment.
Expanding SCF’s Global Team
SCF Partners announced the promotion of Sean Rice to Managing Partner in 2025.
Sean joined SCF in 2017 after 18 years at Goldman, Sachs & Co., where he served as Global Head of Energy Investment Banking. At SCF, he has helped drive the firm’s investment strategy and North American investment activities. As Managing Partner, Sean leads SCF alongside Andy Waite, sharing responsibility for the firm’s overall strategy and direction.
SCF Partners was also pleased to welcome new team members in 2025, further strengthening the firm’s depth of experience across energy and infrastructure investing.
Amanda Studebaker, Senior Associate
Prior engineering, operating, and management experience with Baker Hughes in roles across four continents; holds a B.S. from Rice University and an MBA from Stanford GSB.
Scott Gammie, Associate
Previous experience at Deloitte in energy-focused audit and advisory roles; holds a First-Class Honors degree in Accounting and Finance from Aberdeen Business School in the UK.
Ananya Ganesh, Analyst
Formerly an investment banking analyst at Wells Fargo; holds dual B.S. degrees from Stanford University.
These additions highlight the firm’s long-term commitment to building an experienced, globally oriented investment team.
2026 – Looking Ahead
As SCF moves into 2026, the firm is entering the year from a position of strength, supported by an experienced team, a high-quality portfolio, and a robust opportunity set for the continued deployment of Fund X. Even amid energy market volatility, SCF’s focus on active portfolio management, value creation, and end-market diversification has continued to drive strong outcomes for investors.
After investing significant capital over the past two years, SCF has begun working towards the formation of our next fund, Fund XI. In Fund XI, SCF will build on the strategy that has generated exceptional results in Funds IX and X, continuing to focus on global, differentiated energy services, products, and technology businesses.
We are grateful to our longstanding and new investors, our portfolio company leaders, and our advisors and friends that support SCF’s continued progress and results.
– The SCF Team