HOUSTON, April 5, 2016 /PRNewswire/ -- Pelican Energy Partners is pleased to announce the sale of Downhole Technology LLC to Schoeller Bleckmann Oilfield Equipment on April 1, 2016 in a transaction representing an enterprise value of $152 million. Pelican sold all of its equity holdings in the company, however the management team retained the majority of its equity holdings and will continue with the business as partners with Schoeller Bleckmann. Downhole will immediately begin operations within the Schoeller Bleckmann family of energy service companies.
Pelican Managing Partner, Mike Scott, said, "We are proud of our team at Downhole Technology and our team at Pelican for the hard work putting this transaction together in a very difficult environment. 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, who have become family to us, much success in the future."
Pelican Energy Partners is a Houston based private equity firm specializing in the energy service business. Please visit our website at: www.pelicanenergypartners.com.
Downhole Technology is a Houston based manufacturer of innovative composite downhole drillable plugs used in well fracing operations. Please visit the website: www.downholetechnology.com.
Contact: Mike Scott
Pelican Energy Partners
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SOURCE Pelican Energy Partners