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The acquisition will set the firm up to expand its customer base, geographic reach, and service offerings in the managed pressure drilling industry.
Pelican Energy Partners, a private equity fund specializing in the energy service and equipment sector, has announced its acquisition of Iron Horse Tools (IHT) from Bluehenge Capital Partners. This move aims to strengthen both companies' positions in the drilling sector and capitalize on demand for drilling solutions.
Founded in 2008 and headquartered in Corpus Christi, Texas, Iron Horse Tools is a leading provider of automated drilling chokes in the United States. The company's focus on drilling support solutions has enabled it to enhance efficiency and safety during managed pressure drilling (MPD) operations. IHT employs over 150 personnel in the oil and gas drilling industry.
The investment from Pelican Energy Partners will allow IHT to broaden its customer base, extend its geographic reach, and expand its service offerings, responding to the increasing customer demand for newer drilling solutions.
Mike Scott, Managing Partner of Pelican Energy Partners, expressed enthusiasm about the partnership with Iron Horse Tools. "Pelican has been familiar with the Iron Horse business for many years and is excited to get the opportunity to partner with the Iron Horse team. We expect IHT to continue to build upon their already impressive market share with MPD technology and unmatched service across the US," Scott said.
The acquisition process was facilitated by a team of legal and financial advisors. Reed Smith LLP acted as legal counsel to Pelican Energy Partners, while Armbrust & Brown, PLLC served as legal counsel to Bluehenge. PPHB, LP acted as a financial advisor to Bluehenge throughout the transaction.
As the global demand for energy continues to rise, the acquisition of Iron Horse Tools by Pelican Energy Partners highlights the growing importance of developing drilling solutions in the energy sector.