Pelican Energy Partners has made an investment in Houston-based Axon Pressure Products, a maker of pressure control equipment. No financial terms were disclosed for the transaction that was done in partnership with Keith Klopfenstein and Gus Halas.
HOUSTON, Dec. 19, 2018 /PRNewswire/ — Pelican Energy Partners (“Pelican”) is pleased to announce it has partnered with Keith Klopfenstein and Gus Halas and completed an investment in Axon Pressure Products, Inc. (“Axon”), an independent manufacturer and service provider of pressure control equipment including BOPs, flow control equipment and BOP controls. Axon is headquartered in Houston, TX and has service facilities in Houston, TX and Houma, LA. Axon was founded in 2009 through multiple acquisitions of oilfield manufacturing companies.
Keith Klopfenstein has been appointed CEO and Gus Halas has been appointed Chairman of the Board. Keith and Gus previously worked together at T3 Energy Services, LLC, (“T3”) where Keith served as Senior Vice President of the Pressure Control Group and Gus served as CEO and Chairman of the Board. T3 manufactured and serviced a vast array of oilfield equipment including pressure control equipment, hydraulic controls, wellhead systems, downhole equipment, elastomer products and process control valves. T3 was built through organic growth and several acquisitions. During the leadership tenure of Keith and Gus, T3 achieved substantial growth and was eventually sold in 2011 to Robbins & Myers Inc., which is now a subsidiary of National Oilwell Varco, Inc.
Mr. Klopfenstein said, “I am honored to lead the team at Axon and partner with Pelican Energy Partners. Axon has a great product offering and brand name for us to build on. Gus and I hope to leverage all our prior successes and industry experiences and develop Axon into a world class company.”
“We experienced a great amount of success at T3 by providing great service to our customers alongside high-quality products,” said Mr. Halas. “We plan to do the same thing with Axon.”
Mike Scott, Founder and Managing Partner at Pelican, stated, “We are very pleased to have acquired Axon and to work with this management team that has such an impressive pedigree in this sector. The company now has both a strong balance sheet and an excellent team. We expect to see great things happening at Axon.”
Brian Schartz and Justin Bernbrock with Kirkland and Ellis LLP served as the lead buy-side counsel on the transaction.
About Pelican Energy Partners
Founded in 2011, Pelican Energy Partners is a highly specialized private equity firm based in Houston. The team is led by a group of experienced energy service professionals focused on making investments in energy services and manufacturing companies. Pelican makes strategic investments in small to middle-market, high growth potential energy service and equipment companies with sustained earnings outlooks. The firm has raised $578 million of committed capital and is investing out of its third fund.