Pelican Energy Partners LP has acquired the SPC Flow business unit of Baker Hughes’ oilfield equipment segment. No financial terms were disclosed. The new company will be called Vault Pressure Control.
HOUSTON, Nov. 2, 2020 /PRNewswire/ — On October 31, 2020, Pelican Energy Partners LP (“Pelican”) closed on the previously announced purchase of the assets of the Surface Pressure Control Flow (“SPC Flow”) business unit of the Oilfield Equipment segment of Baker Hughes. The newly independent company will be called Vault Pressure Control and is wholly focused on providing outstanding customer service and world-class products to pressure control customers in the US, Canada, Australia, Papua New Guinea and Trinidad & Tobago markets.
Baker Botts acted as legal counsel to Pelican Energy Partners and McDermott Will & Emery served as legal counsel to Baker Hughes. BofA Securities acted as financial advisor to Baker Hughes.
Pelican Energy Partners LP
Founded in 2011, Pelican Energy Partners (“Pelican”) is a Houston-based private equity fund specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies with sustained earnings outlooks. The firm has raised $563 million of committed capital and is investing out of its third fund. For more information about Pelican Energy Partners, please visit www.pelicanenergypartners.com.