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PE-backed Rapid Rod buys oilfield service assets for $6.1 mln

Rapid Rod Service Ltd, a portfolio company of U.S. private equity firm Pelican Energy Partners, has acquired rod rig equipment and related assets from the service rig division of Essential Energy Services Ltd (TSX: ESN). Essential has reported the purchase price to be $6.1 million. Based in Calgary, Rapid Rod is an oilfield service business established in 2008. Pelican made a control-stake investment in the company in June 2013.

PRESS RELEASE

Rapid Rod Service expands operations with acquisition

CALGARY, Oct. 8, 2014 /CNW/ – Rapid Rod Service is pleased to announce today that it acquired the Rod Rig / Flush By equipment assets of Essential Energy Services Ltd. (“Essential”) effective October 8, 2014. This acquisition is comprised of the Rod Rig division assets of Essential and will move equipment and resources immediately under the Rapid Rod Service organization. The assets acquired from Essential consist of 7 single rod rigs, 6 double rod rigs, 2 TMXs, and 4 pump trucks. The business is currently working out of locations in Red Deer, Drayton Valley, Brooks, Medicine Hat and Swift Current. All employees of the Production Services Division will be offered employment at Rapid Rod.

This acquisition will make Rapid Rod the largest single purpose Rod Rig/Flush By supplier in Canada, allowing us to satisfy the demands of our customers. This advancement will allow Rapid Rod the ability to service new markets areas and develop specialized well servicing capabilities.

About Rapid Rod Service

Rapid Rod Service is a high growth, privately owned oil-field service company with Canadian headquarters located in Calgary, Alberta and United States headquarters in San Antonio, Texas. Since Rapid Rod’s inception in 2008, the company has built an extensive fleet of equipment, providing conventional rod and coiled rod service and maintenance to meet the well-site production needs of our customers. Rapid Rod provides truck mounted handling equipment to service conventional or continuous sucker rods in pumping wells. Driven by their dedicated team and safety efforts, Rapid Rod is committed to investing in the best equipment and continually adding value to their customers.

For Information visit our website: http://rapidrodservice.com

SOURCE Rapid Rod Servicing Cell

For further information:
Canadian Contact:
Brad Smith
Rapid Rod Service, Canadian Headquarters
403 690 8603

brad@rapidrodservice.com
http://rapidrodservice.com

United States Contact:
Lee Rowe
Rapid Rod Service, United States Headquarters
801 244 4760

lrowe@rapidrodservice.com
http://rapidrodservice.com

Photo courtesy of Rapid Rod Service Ltd