HOUSTON, Oct. 24, 2016 /PRNewswire/ -- Rubicon Oilfield
International ("Rubicon") announced today that it has completed the
acquisition of all of the outstanding common shares of Logan
International Inc. ("Logan") (TSX: LII), a global leader in the
supply of oilfield intervention and production tools, for
$1.59 CAD per
share.
This transaction establishes Rubicon's platform for delivery of
Well Production solutions, complementing a robust existing
portfolio of Well Construction products. Backed by a
significant capital commitment from Warburg Pincus, a leading
global private equity firm focused on growth investing, Rubicon
will invest in the accelerated growth of all Logan product lines,
leveraging Rubicon's existing worldwide organization to enable
Logan employees around the globe to deliver even greater value to
their customers. In addition, Logan further strengthens
Rubicon's core competence of manufacturing and supply chain
management as well as commercial excellence to a global customer
network.
"We are extremely excited by the opportunities this transaction
creates and welcome Logan's extraordinary employees and industry
acclaimed products to Rubicon," said Mike
Reeves, President and CEO of Rubicon. "Together, our
extraordinary culture, commitment to customer service and
dedication to practical innovation will continue to deliver
compelling value to customers around the world."
Logan's broad portfolio of downhole well intervention and
production products is widely acknowledged for market leading
quality and reliability, enabling customers to achieve their goals
with minimal risk and maximum efficiency. "We have worked to
establish ourselves as a leader in fishing and production tools and
I believe Rubicon will continue this leadership position and
further expand the Logan offering and global footprint. This
combination will provide many additional opportunities for Logan's
products and its employees," said Dave
MacNeill, CEO of Logan.
"Rubicon is committed to growing its world class oilfield
products organization, providing exceptional service and solutions
in a challenging industry environment," said John Griggs, CFO of Rubicon. "Today's
announcement represents the most recent step toward this commitment
and we are confident that we will continue to achieve shared
success in our partnership with Logan."
About Rubicon
Rubicon Oilfield International Holdings, L.P. designs,
manufactures and sells and/or rents oilfield products in every
major oilfield market around the globe. Headquartered in
Houston, Texas with activity in
over 50 countries globally, Rubicon is fueled by strong commercial,
manufacturing and engineering teams positioned globally to deliver
a world-class customer experience. Rubicon is led by a
seasoned team of oilfield service and equipment industry executives
and is committed to building a best-in-class global enterprise in
the oilfield products and equipment sector. In May 2016, Rubicon acquired Tercel Oilfield
Products, an oilfield products company recognized for delivering
high-value drilling and completion technologies. Rubicon has also
acquired Cauldron Oil Tools and WaalKing LTD., two boutique
technologies companies providing proprietary downhole drilling
technologies. For more information, please visit
www.rubicon-oilfield.com.
About Logan International
Logan International Inc. and subsidiaries manufacture and sell a
comprehensive line of tools used in worldwide drilling and
production activities. Logan's quality fishing and intervention
tools, including retrieving, stroking, and remedial tools, and
power swivels are used in well work-over, intervention, drilling,
and completion activities across the globe. In addition, Logan
manufactures and sells high-performance packers, bridge plugs, and
other completion products. Logan International provides unmatched
quality service and delivery to benefit clients around the
globe.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm
focused on growth investing. The firm has more than $40 billion in private equity assets under
management. The firm's active portfolio of more than 120 companies
is highly diversified by stage, sector and geography. Warburg
Pincus is an experienced partner to management teams seeking to
build durable companies with sustainable value. Founded in 1966,
Warburg Pincus has raised 15 private equity funds, which have
invested more than $58 billion in
over 760 companies in more than 40 countries. For more than two
decades, Warburg Pincus has invested or committed over $13 billion across more than 75 energy
investments around the world with a focus on upstream, midstream
and downstream oil and gas; energy services and technology; power
generation and transmission; alternative energy and renewables; and
mining and metals. Notable investments include Antero Resources,
Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition
Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield
Exploration, Spinnaker Exploration and Targa Resources.
The firm is headquartered in New
York with offices in Amsterdam, Beijing, Hong
Kong, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai and Singapore. For more information please visit
www.warburgpincus.com.
Contacts
Rubicon
Michael Reeves / Jayme Sperring
713.568.5951
Warburg Pincus
Mary Zimmerman / Christopher Beattie
212.878.9201
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SOURCE Rubicon