HOUSTON, Jan. 30, 2017 /PRNewswire/ -- Pelican Energy Partners, a private equity firm focused on the oilfield services and equipment sector, is pleased to announce it has completed a majority recapitalization of and growth equity investment in Global Heat Transfer ("GHT").
GHT, founded in 1978 and with two primary locations in Edmonton and Houston, is a leader in the manufacturing and repair of radiators, oil coolers, gas coolers and industrial cooling systems for oil and gas, mining and power generation markets.
GHT's flagship product, the Jumbotron, is a high-performance radiator engineered specifically for the demands of today's pressure pumping equipment. The Jumbotron's patent-pending cube design offers considerable advantages as compared to legacy horizontal frac radiators, including significant cost savings from reduced downtime and less costly and less frequent maintenance, lower operating costs, greater noise reduction and Tier II/Tier IV engine emissions compliance. GHT's patent-pending technology is also used in cooling systems for drilling, vapor recovery, mining and power generation applications.
Randy Vanberg, GHT's President, and Derek Hjorth, GHT's Vice President, said, "We are excited to announce our partnership with Pelican Energy Partners. It allows GHT to accelerate our plans to significantly invest in quality, engineering, product development and additional personnel. The partnership will also allow us to relocate to a new high capacity facility in Houston as well as significantly expand our inventory. Pelican brings decades of oilfield experience to the GHT team. It was very important to us to add partners that understand our industry and our customers' challenges. Together we will be laser focused on adding value to our customers and lowering our customers' total cost of ownership wherever possible. We and the entire GHT management team are thrilled to complete this transaction and look forward to building a world class organization that we and our customers are proud of."
John O'Brien, Principal at Pelican Energy Partners, stated, "The vast majority of North America's frac supply was built between 2007 and 2013 and, due to the combination of short-term equipment life cycles, changing technological requirements and downturn-related maintenance deferrals, is poorly equipped to return to service in today's oilfield. GHT's Jumbotron is uniquely positioned to eliminate pump failure due to engine overheating while also providing significant cost savings from reduced downtime and less costly and less frequent maintenance. We are thrilled to partner with Randy, Derek and the entire GHT team and believe their truly differentiated product set and strong customer service focused culture are tremendous assets to the organization going forward."
Piper Jaffray & Co, through its Simmons & Company International division, acted as exclusive financial advisor to Global Heat Transfer. Norton Rose Fulbright served as the lead buy-side counsel on the transaction.
About 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. Pelican's Fund I investments include Capline Environmental Services, Elite Production Services, Downhole Technology, Rapid Rod Service, Flowco Production Solutions, Elite Multiphase Solutions, Multilift Welltec and P360 Management Solutions. Pelican closed its second fund in July 2016. GHT represents Pelican's third Fund II investment in addition to Epic Industrial Solutions and Slingshot Supply.
Contact: Mike Scott
Pelican Energy Partners
SOURCE Pelican Energy Partners