Progeny 3 provides growth capital to Houston-based Cadre Energy Solutions, LLC to support next phase of growth

Cadre Energy Solutions, LLC (“Cadre”), a provider of contract natural gas compression services to upstream and midstream operators, today announced it has raised additional equity capital from Progeny 3, Inc. (“Progeny”), a single-family office with significant experience investing in energy.

Progeny joins existing equity partner Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”) to support Cadre’s continued growth. The proceeds from the capital raise will be used to fund the expansion of Cadre’s fleet and to pursue other potential strategic opportunities.

“Welcoming Progeny as a partner is a strong validation of the platform we’ve built at Cadre,” said Craig Collins, Chief Executive Officer of Cadre. “This investment accelerates our ability to expand our fleet, serve more operators, and strengthen our position as a premier compression partner.”

“Cadre has demonstrated strong execution since inception, and we are pleased to continue our support as the company enters its next chapter of growth,” said Mike France, Head of Investment Management of Intrepid.

“We are incredibly excited to invest in Cadre,” said Danny Knight, Portfolio Manager at Progeny 3. “We believe in the strong industry fundamentals supporting the business and have been impressed by the leadership team’s ability to consistently execute and deliver for Cadre’s customers. We look forward to partnering with the Cadre team as we work together to execute on the Company’s continued growth.”

About Cadre

Cadre Energy Solutions, LLC is a Houston-based company delivering contract natural gas compression services to upstream and midstream operators. Founded in 2024, Cadre combines deep field experience across its executive management team with modern equipment and a customer-first approach to deliver best-in-class compression solutions. Cadre is built on three core principles—Safety, Reliability, and Experience—and works as an extension of its customers’ teams to maximize uptime and efficiency.

About Progeny

Progeny is a single-family office based in Kirkland, Washington. It has dedicated teams providing investment advice across an array of strategies covering equities, fixed income, private equity, commodities and venture capital.

About Intrepid

Intrepid is the leading energy-focused merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger & acquisition, restructuring and capital markets services to the traditional energy and energy transition sectors, and has advised on ~$200 billion of transactions since its founding in 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, credit, infrastructure and venture capital across traditional energy and energy transition.

Intrepid has offices in Houston and New York. Further information is available at www.intrepidfp.com.

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