Coltala Holdings has entered the water services industry with the acquisition of Alsay, Inc., a Houston-based company that has specialized in deep water well drilling and infrastructure services since 1960. The deal launches Coltala Water Holdings, a new division for the Texas investment firm.
Alsay is one of the state’s oldest and largest water well drilling and service providers, with a fleet of drilling equipment and a management team that brings more than 200 years of combined experience. Its clients include municipalities, utilities, and industrial organizations across Texas.
The acquisition comes as Texas faces growing water infrastructure demands driven by population growth. Governor Greg Abbott has identified long-term water investment as a state priority, a backdrop Coltala says aligns with its focus on essential service industries.
“This is exactly the kind of company Coltala was built to support — legacy-rich, mission-critical, and positioned for smart growth,” said Ralph Manning, Co-Founder and Co-CEO of Coltala Holdings. “We’re bringing the Coltala Enterprise System to help scale Alsay’s impact and deliver lasting value to Texas communities.”
Alsay is one of the state’s oldest and largest water well drilling and service providers, with a fleet of drilling equipment and a management team that brings more than 200 years of combined experience
Edward Crawford, Coltala’s Co-Founder and Co-CEO, added, “We’re proud to welcome Alsay into the Coltala family. As a Navy veteran and former Peace Corps member, I know how essential water is to community resilience. This investment reflects our commitment to building great American companies that serve people and protect vital infrastructure.”
The deal was backed by several financial partners. Bank United acted as senior lender, while Gladstone Capital provided mezzanine financing and an equity co-investment. “We are thrilled to partner with Coltala, whose disciplined investment and operating model—combined with a seasoned leadership team—uniquely positions the business to capture significant growth opportunities amid the rising demand for sustainable water solutions,” said Eric Maloy of Gladstone Capital.
Alsay has expanded significantly over the past five years with support from Lone Star Investment Advisors (LSIA). The company more than doubled its size and earnings, built a backlog exceeding $100 million, and achieved a compound annual growth rate of 25%. “We are proud to partner with Coltala Holdings for the next phase of growth through our continuing investment and service on the Alsay Board of Directors,” said Arthur Hollingsworth, LSIA’s Managing Partner.
Alsay President Joe Slavik described the acquisition as an opportunity for continued expansion. “Joining Coltala marks an exciting new chapter for Alsay. Their focus on operational excellence and purpose-driven growth aligns with our values and sets us up for continued success,” he said.
