Pelican Energy Partners said July 10 that it sold Multilift to Forum Energy Technologies effective July 3rd. Financial terms weren’t announced. Multilift, of Houston, provides downhole sand protection tools associated with electric submersible pumps and other artificial lift systems.
HOUSTON, July 10, 2017 /PRNewswire/ — Pelican Energy Partners (“Pelican”), a private equity fund focused on the oilfield service and equipment sector, is pleased to announce the sale of Multilift to Forum Energy Technologies effective July 3rd. Headquartered in Houston, TX, Multilift provides patented downhole sand management tools associated with electric submersible pumps and other artificial lift systems.
Pelican invested in Multilift in April 2015 to provide the company with growth capital to expand its market and product offering. “We are pleased to have had the opportunity to work with the Multilift team and its CEO Paul Shotter through an exciting and dynamic growth period for the company,” said Mike Scott, Founder and Managing Director of Pelican. “We believe that this transaction is a win-win for all parties involved and that the company has tremendous growth potential going forward. We wish all of the employees much success in the future.”
“The Multilift team is delighted to have grown the company through the recent downturn,” said Multilift’s CEO Paul Shotter, “and this transaction is a testimony to the combination of great-value delivering products, a great team and the excellent partners we had at Pelican. I wish to thank all of the dedicated employees at Multilift and our customers. I believe the fit with Forum Energy Technologies is ideal and will allow the company and its products to further expand and am excited about the future.”
Multilift is a leading provider of downhole sand protection tools associated with electric submersible pumps and other artificial lift systems. Its two primary products, the SandGuard and the Cyclone, were specifically designed and engineered for today’s unconventional oil and solids producing wells and can be sold separately or as a packaged Sand Management System. Both tools are proven to significantly increase the run time and reliability of ESPs.
Pelican Energy Partners
Pelican Energy Partners 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 $330 million of committed capital and is investing out of its second fund.