Houston, TX - February 14, 2017 - Pelican Energy Partners, a Houston-based private equity firm focused on the oilfield equipment and service sector, is pleased to announce the recapitalization and combination of Performance Wellhead & Frac Components, Inc. ("Performance") and Slingshot Supply, Inc. ("Slingshot").
Performance and Slingshot have combined to provide a larger asset base and broader geographic reach to support their customers across the oilfield. Since the two companies have minimal geographic overlap, they will both continue to operate under their legacy names in their respective markets.
Performance, based in Houston, was founded in 2006 by Gerry Ferguson. The company provides surface well-control equipment and related field services utilized in all phases of drilling, well-stimulation, production, and intervention operations; specifically, frac valves and manifolds, wellheads, and the SAFElaunch TM Ball Deployment System. Performance has locations in Kilgore, Odessa and Pleasanton, Texas as well as Broussard, Louisiana, Woodward, Oklahoma and Conway, Arkansas.
Slingshot, based in Odessa, was founded by Jeff Helmcamp in 2011. Slingshot is focused on the Permian market and has become a provider of choice for major operators in the basin. In addition to the services and equipment that Performance provides, Slingshot provides BOP rental and repair, and is the exclusive licensed provider of the Power Feed-Thru Systems & Connectors product line ("PFT") for use in artificial lift systems in the Permian. The PFT product line consists of patented wellhead products used to facilitate a seamless power connection with electric submersible pumps.
Jeff Helmcamp, who will continue as COO of the combined business, said, "This partnership takes us to the next level - extending our product lines and services to exceed our customers' expectations as their needs continue to grow."
Gerry Ferguson, CEO of the combined entity, commented, "By putting safety first and going above and beyond their customers' expectations, Jeff and the team at Slingshot have built an excellent company that is well regarded across the Permian. We are excited to bring these like-minded organizations together so that we can better serve our customers in more basins with a set of products and services that span drilling, completion and production."
"It is not often we find two companies that are such a natural fit together," said Mike Scott, Managing Partner at Pelican Energy Partners. "Both management teams have known and respected each other for years and suggested this partnership, as they could see the clear benefits that would come from joining forces. We are very pleased to be the financial partner to support this combination."
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. Pelican's Fund I investments include Capline Environmental Services, Elite Production Services, Downhole Technology, Rapid Rod Service, Flowco Production Solutions, Elite Multiphase Solutions, Multilift Welltec and P360 Management Solutions. Pelican closed its second fund in July 2016. This combined platform represents Pelican's fourth Fund II investment in addition to Epic Industrial Solutions, Global Heat Transfer, and Quinn Artificial Lift Services.