Lagoon Water Midstream on Tuesday said it has closed the acquisition of Midland, TX-based Double Drop Resources, a Permian Basin-focused water management company.

The acquisition “significantly expands Lagoon’s operations and establishes it as a multi-basin water management company with a presence in the heart of the Permian,” according to Lagoon, which is backed by Macquarie Infrastructure Partners.

Founded in 2017, Oklahoma City-based Lagoon had previously operated only in the Anadarko Basin.

The acquisition “is a key part of our continued growth strategy as we enter the Permian Basin,” said Lagoon CEO Kevin Lafferty. “The strategic decision to have a multi-basin presence strengthens the portfolio and builds upon our platform to sustainably offer full-cycle...