M&A Deal Summary

Pelican Energy Partners Acquires Baker Hughes - Surface Pressure Control Flow Business Unit

On September 10, 2020, private equity firm Pelican Energy Partners acquired energy services and equipment company Baker Hughes - Surface Pressure Control Flow Business Unit from Baker Hughes

Acquisition Highlights
  • This is Pelican Energy Partners’ 10th transaction in the Energy Services and Equipment sector.
  • This is Pelican Energy Partners’ 15th transaction in the United States.
  • This is Pelican Energy Partners’ 1st transaction in Tennessee.

M&A Deal Summary
Date 2020-09-10
Target Baker Hughes - Surface Pressure Control Flow Business Unit
Sector Energy Services and Equipment
Buyer(s) Pelican Energy Partners
Sellers(s) Baker Hughes
Deal Type Divestiture

Target

Baker Hughes - Surface Pressure Control Flow Business Unit

Houston, Tennessee, United States
Baker Hughes Co. - Surface Pressure Control Flow Business Unit is focused on providing pressure control products and services primarily in the U.S., with operations also in Australia, Papua New Guinea, and Trinidad & Tobago

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Buyer(S) 1

Buyer

Pelican Energy Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2011
PE ASSETS 563M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Pelican Energy Partners is a private equity firm focused on making strategic investments in energy services and manufacturing companies. The Firm typically pursues profitable, established companies across North America with EBITDA generally between $1 million and $10 million. Pelican Energy Partners was formed in 2011 and is headquartered in Houston, Texas.

DEAL STATS #
Overall 17 of 22
Sector (Energy Services and Equipment) 10 of 10
Type (Divestiture) 3 of 4
State (Tennessee) 1 of 2
Country (United States) 15 of 20
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-31 Noralis

Austin, Texas, United States

Noralis is an independent provider of transformational MWD technology. Integrated modern-day electronics, simplified surface systems, and unmatched cost savings are driving the next generation of MWD solutions. Noralis invested heavily in the development of its core technology and product offerings, achieving commercialization in early 2017. The Noralis Directional Module (NDM) replaces traditional 3-axis directional modules with 27 sensors while meeting the MWD standard error model and accuracy requirements at 165°C. The Noralis Pressure Decoder (NPD) is significantly advanced decoding embedded in an integrated software solution automating tasks and digitizing drilling data. These products have transformed MWD performance and fundamentally disrupted the MWD pricing model by reducing costs upwards of 50%. Noralis was formed in 2015 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-07 Lodestar International

Wimberly, Texas, United States

Lodestar International LLC is an independent manufacturer and service provider of downhole dynamics-while-drilling “DWD” measurement tools, which are critical to continued drilling efficiencies and optimization. Lodestar’s flagship products, the I-SUB and I-STRING, provide multiple drilling measurements throughout the drill string and at the drill bit. Lodestar International was founded in 2013 and is based in Wimberly, Texas.

Sell -

Seller(S) 1

SELLER

Baker Hughes

Houston, Texas, United States

website

Category Company
Sector Energy Services and Equipment
Employees55,000
Revenue 21.2B USD (2022)
DESCRIPTION

Baker Hughes is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company operates in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. Baker Hughes is headquartered in Houston, Texas.

DEAL STATS #
Overall 9 of 9
Sector (Energy Services and Equipment) 5 of 5
Type (Divestiture) 9 of 9
State (Tennessee) 1 of 1
Country (United States) 8 of 8
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 NuCera Solutions

Barnsdall, Oklahoma, United States

NuCera Solutions engages in the development and manufacture of highly differentiated specialty polymers for markets that require high quality and performance: Adhesives, Candles, Coatings, Imaging, Masterbatches, Personal Care, and Plastics. NuCera Solutions is based in Barnsdall, Oklahoma.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-03 Compact Carbon Capture AS

Bergen, Norway

Compact Carbon Capture AS (3C) was founded through the collaboration between Fjell Technology Group AS, Equinor ASA, Prototech AS, and SINTEF. The first patent for the technology was granted in 1999 after which it was tested and developed together with several partners including Fjell Technology Group AS and Equinor AS who respectively at different stages led the management of the technology development program between 2007 and 2017. In 2018, 3C was fully established as a company, during which the IP and know-how from both the Equinor and the Fjell Technology Group management periods were fully transferred to 3C. Currently, 3C runs its technology development with several partners including Equinor, Fjell Technology Group, Sintef, and Prototech, and benefits from Norwegian Government incentives through Climit. Headquartered at Marineholmen in Bergen, Norway, 3C collaborates with R&D partners and industrial partners both nationally and globally.

Buy -
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