SCOTT, La., Nov. 15, 2022 /PRNewswire/ -- Gordon Technologies LLC ("Gordon") is pleased to announce its shareholders have each sold 25% of their equity ownership in an all-cash deal with Alpha Dhabi Holding, one of the fastest-growing investment holding companies in the UAE listed on the Abu Dhabi Securities Exchange (ADX: Alphadhabi). Gordon began its partnership with Pelican Energy Partners, an oilfield services focused private equity firm, in 2017 when Pelican provided growth capital which helped accelerate the growth of Gordon's MWD fleet from less than 20 kits to over 150 kits today.
Gordon is proud to participate in a partial liquidity event for its legacy shareholders while maintaining its strong commitment to its existing customers and expanding its fleet domestically and internationally. Chris Koranek, President of Gordon, commented, "Gordon's family culture and employees' willingness to go above and beyond has made Gordon Technologies an industry leader and special place to work. We welcome Alpha Dhabi's expertise and assistance in executing on the next stage of our growth while continuing to provide the same quality customer service and technology innovations our customers have come to expect."
Terry Frith, Founder & Chief Executive Officer of Gordon, will continue to own a meaningful portion of the business and continue to drive Gordon's technology innovation as the leading North American MWD provider. Mr. Frith added, "We have experienced significant growth and have a strong track record of delivering outstanding services across the United States, and we look forward to working with Alpha Dhabi to catalyze our growth further and expand internationally into the Middle East market. We believe this represents a great opportunity to generate further value as we grow and provide our proprietary technology services to what is one of the core oil and gas markets globally."
FMI Capital Advisors served as financial advisor to Gordon Technologies and Reed Smith LLP served as legal counsel.
About Gordon Technologies
Headquartered in Scott, LA with additional facilities in Midland, TX, Minot, ND, Yukon, OK and Rapid City, SD, Gordon is a leading independent provider of MWD technology to the directional drilling sector of the US oil and gas industry. The GT-MWD standard temperature system and GT-Heat Miser™ high temperature MWD system, including the patented GT-Shock Miser™ shock and vibration mitigation technology and patented GT-Pulser, were specifically designed to address the most pressing needs in today's challenging drilling environments, namely MWD failures due to high shock and vibration and high temperature environments. The Company's proprietary technology creates a faster, more robust and more reliable MWD system that is achieving best-in-class performance and reliability, as evidenced by the Company's significant growth in the US unconventional market.
About Pelican Energy Partners
Founded in 2011, Pelican Energy Partners ("Pelican") 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. In October 2017, Pelican made a substantial investment in Gordon Technologies and provided the growth capital to significantly expand its MWD fleet.
About Alpha Dhabi Holding
Alpha Dhabi Holding (ADH), the UAE listed conglomerate, was established in 2013 and is one of the fastest growing Abu Dhabi based investment holding companies, with more than 100 businesses spread across healthcare, renewable energy, petrochemical and other industries as well as real estate, construction and hospitality. With over 72,000 employees, ADH is a strategic contributor to the UAE economy and is committed to drive continuous growth for its stakeholders through investments in emerging businesses, supporting innovation and diversity.
For more information about Gordon Technologies, please visit www.gordontechnologiesllc.com.
Founder & CEO of Gordon Technologies
President of Gordon Technologies