Houston, TX – April 11, 2023 – Pelican Energy Partners, a private equity fund focused on the energy service and equipment sector, is pleased to announce it has acquired Iron Horse Tools, Inc. (“IHT”) from Bluehenge Capital Partners (“Bluehenge”).

Iron Horse Tools was founded in 2008 and is based in Corpus Christi, Texas. IHT is a leading provider of automated drilling chokes in the US, with a focus on proprietary solutions that improve efficiency and safety during managed pressure drilling (“MPD”) operations. IHT employs over 150 personnel and operates across all US shale plays.

With the Pelican investment, IHT will be in a position to expand its customer base, geographic presence, and service offerings in response to growing customer demand. Managing Partner of Pelican Mike Scott stated: “Pelican has been familiar with the Iron Horse business for many years and is excited to get the opportunity to partner with the Iron Horse team. We expect IHT to continue to build upon their already impressive market share with market leading MPD technology and unmatched service across the US.”

Reed Smith LLP acted as legal counsel to Pelican Energy Partners, and Armbrust & Brown, PLLC served as legal counsel to Bluehenge. PPHB, LP acted as financial advisor to Bluehenge.

For more information about IHT, please visit www.ironhorsetools.com

About Bluehenge Capital Partners

Bluehenge is a Baton Rouge, Louisiana-based private equity and private credit investment firm offering creative capital solutions for lower middle-market businesses across various industries. With 30 years of experience together and over $350 million of assets under management, the Bluehenge team provides debt and equity capital for buyouts, acquisitions, and growth to companies nationwide.

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. The firm has raised $563 million of committed capital and is investing out of its third fund.

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