Black Pearl Capital Buys Canadian Oilfield Equipment Products Maker

International private equity firm Black Pearl Capital Partners is buying Canadian Energy Equipment Manufacturing, a maker of equipment for oilfield services firms. Tyler Hague, founder of the company, will remain on board as CEO.

PRESS RELEASE:
DUBAI, United Arab Emirates, Jan. 19, 2011 — Black Pearl Capital’s private equity fund, Black Pearl Capital Partners (“BPCP”), today announced that it has successfully completed the acquisition of Canadian Energy Equipment Manufacturing FZE (“CEEM”), a specialist in custom-made equipment for the oilfield industry. As part of the transaction, Tyler Hague, the founder of CEEM, will continue as its Chief Executive Officer.

“BPCP’s expertise, knowledge, and substantial financial resources will enable us to increase our product and services offering in order to continue growing our existing customer base and expand CEEM’s regional footprint,” said Tyler Hague, CEO of CEEM. “This move is fundamental to the company’s long-term potential and to its immediate growth path within the region.”

Based in the UAE, CEEM specializes in the manufacturing of unique and custom-made equipment for the oilfield industry. One area of its expertise is the design and manufacturing of Advanced Hydraulic Workover Units/Rigs (“AHWU”), a vital component of any field development, maintenance and drilling operation. The Company further provides multiple oilfield related services such as Water Jet Cutting, CNC Plasma Cutting, Steel Fabrication, Machining, Grit Blasting and Painting. CEEM has a large and diversified customer base including the leading oilfield services companies such as Weatherford International, Halliburton, Tesco Top Drives and Cudd Energy Services, who count on its high quality services and tailor made solutions for their operations worldwide.

“We are impressed with the track record of the CEEM management team. The Company has secured multiple contracts with leading oil services companies by continuing to deliver high quality purpose built equipment on time and on budget. Our ambition is for CEEM to be a leading UAE based provider of equipment to oil and gas service providers in the MENA region,” said Reza Irani, CEO of Black Pearl Capital. “We are committed to our investment strategy in this sector, and believe oil services are poised for long term growth with an increasing requirement for high quality, affordable and creative equipment and solutions.”

About Black Pearl Capital Partners
Black Pearl Capital Partners is a private equity fund with a committed capital of USD 50m set up and managed by Black Pearl Capital (“BPC”). BPC is an asset management and advisory firm registered in the Cayman Islands, with offices in Europe and the Middle-East where its dedicated team of professionals provide its clients with specialized wealth and investment management services, as well as deal specific transaction advice. For more information, visit http://blackpearlcap.com.