M&A Deal Summary

Pelican Energy Partners Acquires Iron Horse Tools

On April 11, 2023, private equity firm Pelican Energy Partners acquired machinery company Iron Horse Tools from Bluehenge Capital Partners

Acquisition Highlights
  • This is Pelican Energy Partners’ 4th transaction in the Machinery sector.
  • This is Pelican Energy Partners’ 19th transaction in the United States.
  • This is Pelican Energy Partners’ 15th transaction in Texas.

M&A Deal Summary

Date 2023-04-11
Target Iron Horse Tools
Sector Machinery
Buyer(s) Pelican Energy Partners
Sellers(s) Bluehenge Capital Partners
Deal Type Secondary Buyout

Target

Iron Horse Tools

Corpus Christi, Texas, United States
Iron Horse Tools is a provider of automated drilling chokes in the US, with a focus on proprietary solutions that improve efficiency and safety during managed pressure drilling ("MPD") operations. Iron Horse Tools was founded in 2008 and is based in Corpus Christi, Texas.

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Buyer(S) 1

Buyer
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 21 of 29
Sector (Machinery) 4 of 4
Type (Secondary Buyout) 1 of 2
State (Texas) 15 of 16
Country (United States) 19 of 27
Year (2023) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-03 Veretek

Houston, Texas, United States

Veretek manufactures and sells high viscosity pumps for oil & gas production applications. Veretek continues to upgrade its products and produce new models of the Vantage CHP to cover different diameters and flow capacities. Veretek was founded in 2014 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-26 Blue Wave

West Lafayette, Indiana, United States

Blue Wave is a software-as-a-service (SaaS) business that develops and sells AI-based software to support the nuclear energy industry. The Company's software transforms historical reactor operational data into critical intelligence that helps nuclear operators reduce reactor operating and maintenance costs through improved fuel use optimization, and improved plant capacity factors via the ability to better predict component failure. Blue Wave was founded in 2016 and is based in West Lafayette, Indiana.

Buy -

Seller(S) 1

SELLER
DESCRIPTION

Bluehenge Capital Partners is a private investment firm focused on acquiring and investing in lower middle-market US-based companies with $20 to $250 million in revenue. The Firm can provide a mix of equity/debt and generally seeks situations where it can commit $5 to $25 million per transaction. Industries of interest include industrial services, manufacturing, distribution, healthcare, business services, logistics, technology, and consumer products/services. Bluehenge Capital Partners was formed in 2015 and is based in Baton Rouge, Louisiana.


DEAL STATS #
Overall 1 of 1
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-28 Alex Evenings

New York, New York, United States

Alex Evenings designs, sources and distributes branded ladies eveningwear dresses and separates to the moderate to upper-moderate segments of the women’s apparel industry. Alex Evenings was founded in 1989 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-17 Alliance Distribution Partners

Hendersonville, Tennessee, United States

Alliance Distribution Partners is an industrial, welding and specialty retail supplies distributor. Alliance Distribution Partners was formed in 2009 and is headquartered in Hendersonville, Tennessee.

Buy -