World Oil Tools Inc, a Calgary-based manufacturer of downhole equipment and tools to the oil and gas industry, has completed a leveraged recapitalization with the advice of Marcum Cronus Partners LLC. The undisclosed transaction occurred through credit facilities provided by HSBC Bank Canada and the Business Development Bank of Canada (BDC). The U.S.-based Marcum Cronus Partners is an investment banking firm that provides financial advisory and related services.
Marcum Cronus Partners Pleased to Announce World Oil Tools Leveraged Recapitalization
Mar 4, 2014
Marcum Cronus Partners LLC (Marcum Cronus) is pleased to announce it acted as the exclusive financial advisor to World Oil Tools Inc. (World Oil Tools) in a leveraged recapitalization through credit facilities provided by HSBC Bank Canada and the Business Development Bank of Canada. World Oil Tools is a Canadian-based manufacturer and supplier of downhole equipment and tools to the oil and gas industry.
“We are grateful to the Marcum Cronus team for its fine work on this transaction that will enable us to continue the company’s expansion and to compete aggressively in all of our markets,” commented William Heath, General Manager and Chief Financial Officer, World Oil Tools.
Shane Campbell, Director, Marcum Cronus, added, “It was a pleasure working with the team at World Oil Tools and helping this well-positioned company secure the capital necessary to achieve its continued growth and success. The oil and gas industry continues to show long term opportunity both domestically and internationally as forward-thinking companies invest in expansion opportunities designed to meet future energy demands.”
About World Oil Tools
Headquartered in Calgary, Alberta, Canada, World Oil Tools manufactures and supplies high technology inflatable products to the oil and gas sector. Staffed with some of the industry’s best manufacturing and service personnel, the company can engineer products for the most challenging environments including deep, sour, or extended reach horizontal wells. For more information, please visit www.worldoiltools.com.
About Marcum Cronus Partners
Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Marcum Cronus Partners is an investment banking firm that provides financial advisory and other investment banking services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. Winner of the New York Association for Corporate Growth’s Boutique Investment Bank of the Year Award, Marcum Cronus is an affiliate of Marcum LLP, one of the largest independent public accounting and advisory services firms in the U.S. (with 23 offices and more than 1,300 professionals). To learn more, please visit www.MarcumCronus.com.
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