HOUSTON, Oct. 10, 2018 /PRNewswire/ -- Pelican Energy
Partners ("Pelican"), a private equity fund focused on the oilfield
service and equipment sector, is pleased to announce the sale of
Houston Global Heat Transfer ("GHT") to Forum Energy Technologies
(NYSE: FET). Headquartered in Houston, TX with additional locations in
Edmonton, Alberta and Midland, TX GHT designs, engineers, and
manufactures premium industrial heat exchanger and cooling systems
used primarily in hydraulic fracturing equipment. GHT's flagship
product, the Jumbotron, is a patented, high-performance radiator
engineered specifically for the demands of today's pressure pumping
equipment. The Jumbotron's cube design offers considerable
advantages as compared to conventional 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 technology is also used in cooling systems
for drilling, vapor recovery, mining and power generation
applications.
"Pelican invested in GHT in January
2017 to provide the company the growth capital it needed to
expand its assembly and service capacity in Houston and invest in engineering, new product
development and additional personnel prior to the recent market
surge in pressure pumping newbuild orders," said John O'Brien, Managing Director of Pelican.
"Since our investment, GHT has gained significant market share,
commercialized its remote radiator monitoring system (Smart
Radiator), opened a Midland
aftermarket service facility and considerably expanded and advanced
its R&D and new product portfolio. It's been a privilege
to partner with both Randy Vanberg
and Derek Hjorth and to have been a
part of the GHT story."
"Through the downturn, there was a record amount of frac
equipment sitting on the sidelines. Much of this equipment
was built prior to 2013 and we saw an unprecedented opportunity for
GHT to participate in the imminent recovery as well as take a
leading market position and establish a sustainable brand," added
GHT's President Randy Vanberg. "The
Pelican team played a critical role in helping the company grow at
exactly the right time. We are happy and thankful to have
partnered with Pelican."
Baker Botts L.L.P. served as the lead sell-side counsel on the
transaction. Simmons & Company International, the energy
specialists of Piper Jaffray, served
as the company's financial advisor for the transaction and also
conducted the sales process.
Global Heat Transfer
Headquartered in Houston, TX
with additional locations in Edmonton,
AB and Midland, TX, GHT was
founded in 1978 and is a leader in the design, assembly, service
and repair of radiators, oil coolers, gas coolers and industrial
cooling systems used in the pressure pumping, drilling and vapor
recovery segments of the oil & gas industry. GHT's
flagship product, the Jumbotron, is a patented, high-performance
radiator engineered specifically for the demands of today's
pressure pumping equipment.
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 $563 million of committed capital and is
investing out of its third fund.
Contact: John O'Brien
Pelican Energy Partners
(713) 559-7118
View original
content:http://www.prnewswire.com/news-releases/pelican-energy-partners-realizes-investment-in-global-heat-transfer-300728339.html
SOURCE Pelican Energy Partners