MANTL Canada, a Calgary-based equipment and service provider for the oil and gas production industry, has obtained working capital financing from BDC Capital’s Growth & Transition Capital division. No financial terms were disclosed.
Calgary, January 12, 2021 – MANTL Canada, an equipment and service provider for the oil and gas production industry in Canada and internationally, has received working capital financing from BDC Capital’s Growth & Transition Capital division in the wake of the COVID-19 pandemic and steep decline in oil prices and industry activity.
MANTL was established in 2014 during a low economic cycle for the oil sector and has experienced robust growth since. The company operates two divisions: MANTL Artificial Lift which manufactures and distributes progressive cavity pumps (PCP), a sector in which it is a recognized leader, and MANTL Rod Services which sells and services both coiled and conventional rods. The latter was born out of the company’s acquisition in 2019 of Rapid Rod Service Ltd. BDC Capital’s financing will ensure MANTL can execute on its business plan, seek global growth opportunities and remain in a favourable position when the industry recovers.
“MANTL has faced headwinds since its inception in October of 2014, however, with the support of the BDC Capital team twice now, we have been able to weather the storms and emerge stronger,” explains Matthew Kenna, President, MANTL Canada. “When COVID-19 hit and hammered our sales, the first person we reached out to was Matthew Hanson of BDC Capital who helped us successfully navigate the COVID working capital program. With the help of BDC Capital, MANTL has the financial strength and flexibility to keep moving forward in these uncertain times.”
“Prior to the pandemic, MANTL had demonstrated year-over-year growth and strong market presence in the artificial lift and conventional and coiled rod service markets within Canada and internationally,” says Matthew Hanson, Director, Growth & Transition Capital at BDC Capital’s Calgary office. “We are pleased to partner with MANTL’s strong management team and look forward to seeing them build on their past successes.”
“BDC Capital continues to support innovative and well-run Canadian oilfield service and oilfield service technology companies, like MANTL,” adds Vern Malcolm, Managing Director, Growth & Transition Capital for Southern Alberta. “MANTL has a highly seasoned management team, a lean structure and the ability to expand globally, in particular through its PCP line of business. Our financing provides stability during a volatile period in energy markets and allows the company to confidently move forward.”
About MANTL Canada
MANTL is the only Artificial Lift Company that can equip PCP wells from top to bottom. MANTL has the in-house technical abilities to support both sales and after sales service because they are LOCAL (meaning they actually set up ten locations near their customers to support them)! Their entire PCP, Rod Services, Power Generation and Gas Compression divisions are Canadian, fiercely proud of their industry and they care. Visit mantl.ca.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.