SCHEDULE 13G/A: EQT Affiliates Disclose Significant 39.8% Stake in Kodiak Gas Services

Affiliates of EQT, including Frontier TopCo Partnership, L.P., Frontier TopCo GP, LLC, and EQT Fund Management S.a r.l., have disclosed a combined beneficial ownership of 39.8% of Kodiak Gas Services, Inc.'s common stock.

Summary

• Frontier TopCo Partnership, L.P., Frontier TopCo GP, LLC, and EQT Fund Management S.a r.l. (collectively, 'Reporting Persons') have filed an Amendment No. 4 to Schedule 13G regarding their beneficial ownership in Kodiak Gas Services, Inc.
• The Reporting Persons collectively beneficially own 34,771,323 shares of Kodiak Gas Services, Inc. Common Stock.
• This represents 39.8% of the total outstanding common stock of Kodiak Gas Services, Inc.
• The percentage is calculated based on 87,316,427 shares of common stock outstanding as of December 10, 2024, as disclosed in the Issuer's Prospectus Supplement dated December 12, 2024.
• Frontier TopCo GP, LLC is the general partner of Frontier TopCo Partnership, L.P., and EQT Fund Management S.a r.l. has management and control responsibility over investment vehicles that constitute the majority of commitments to EQT Infrastructure III, which indirectly owns Frontier TopCo GP, LLC.
• Certain investment vehicles within the EQT Infrastructure III fund, specifically EQT IV Co-Invest SCSP (No. 1) Limited Partnership, EQT Infra IV Funds (No. 2) Limited Partnership, and EQT Infra III Funds (No. 3) Limited Partnership, may indirectly hold 5.0% or more of the Issuer's outstanding Common Stock.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to positive or negative sentiment regarding company performance or outlook.

Positives

• Significant institutional ownership by EQT affiliates, holding 39.8% of Kodiak Gas Services, Inc. common stock, may signal long-term strategic interest and confidence in the company.

Risks

• The filing includes disclaimers by Frontier TopCo GP, LLC and EQT Fund Management S.a r.l. that they do not admit to being beneficial owners of the Common Stock for Section 13(d) purposes, nor do they admit to being members of a 'group' for Sections 13(d) and 13(g) of the Act.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which could influence market perception and liquidity.

Key Dates

Keywords

Kodiak Gas Services, SEC filing, Schedule 13G, Beneficial Ownership, EQT, Frontier TopCo Partnership, Common Stock, Institutional Investor, Ownership Disclosure