Canadian energy-focused private equity firm ARC Financial Corp. has completed its sale of Global Tubing LLC, a Dayton, Texas-based maker of coiled tubing. The buyers were U.S. private equity firm Quantum Energy Partners and Forum Energy Technologies Inc., a provider of technologies and applied products to the energy industry. The acquisition price was not disclosed.
PRESS RELEASE
ARC Financial Corp. Announces Sale of Global Tubing to Forum Energy Technologies and Quantum Energy Partners
Calgary, July 15, 2013
ARC Financial Corp., Canada’s leading energy-focused private equity investor, announces that it has closed the sale of its portfolio company, Global Tubing, LLC to Forum Energy Technologies, Inc., a global provider of manufactured technologies and applied products to the energy industry, and Quantum Energy Partners, a US based private equity investor.
Founded in 2007 by ARC Financial and a management team lead by C. Robert Bunch, Global Tubing manufactures coiled tubing strings utilized in the drilling and completion of oil and gas wells worldwide. From a start-up concept, Global Tubing successfully captured a significant share of the worldwide market for downhole oil and gas coiled tubing applications, especially in the completion of multi-stage horizontal wells. The Company’s headquarters and manufacturing operations are located in Dayton, Texas (near Houston), with a complete service facility in Red Deer, Alberta.
“ARC Financial’s investment in Global Tubing was very successful,” said Douglas Freel, ARC Financial’s Senior VP and Director. “We enjoyed working with Global Tubing’s highly skilled management team to develop and execute the strategy to build the company into a first-class global coiled tubing supplier.”
C. Robert Bunch, Global Tubing’s co-founder and former CEO, commented, “Teaming with ARC Financial in the creation of Global Tubing has been a rewarding experience, both professionally and personally. With ARC Financial’s extensive knowledge of oil and gas markets and technology and unique insights into energy industry trends, its contributions to the success of Global Tubing have gone well beyond simply providing capital.”
ARC Financial Corp.
With Cdn $3.7 billion of capital across the seven ARC Energy Funds, ARC Financial Corp. is a Calgary based private company focused exclusively on Canadian energy investing. Leveraging off the experience, technical expertise, and relationships of our team, we focus on equity investments of Cdn $25 million to $100 million.
ARC Financial Corp.
Nancy Smith, Managing Director
403-292-0695
nsmith@arcfinancial.com
www.arcfinancial.com
Photo courtesy of Shutterstock.
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