Houston, TX - May 13, 2015 - Pelican Energy Partners, a private equity firm focused on the oilfield services and equipment sector, and Colton Capital Partners announced they have completed a majority recapitalization of and growth equity investment in Multilift Wellbore Technology ("Multilift").
Multilift, with locations in Houston and Aberdeen, was founded in 2013 and designs and assembles high quality sand protection and completion tools that protect and increase the run-time and reliability of electric submersible pumps and other artificial lift systems. Multilift's flagship product, SandGuard, is patent-pending and catches sand that would otherwise settle on the ESP at pump shut-off and lifts it out of the well upon restart. Multilift enjoyed tremendous success during 2014 and SandGuard has proved itself to be a game changing technology in wells with high sand production.
Paul Shotter (CEO) and Andrew Leitch (R&D Director) will continue to lead Multilift going forward. Paul has more than 35 years of experience in the ESP sector and was Founder of RMS Pumptools. Andrew has more than 30 years of experience engineering downhole tools and more than fifteen years as Engineering Director at RMS Pumptools and Strata Oil Tools.
Mike Scott, Managing Partner and Founder of Pelican Energy Partners, commented, "Enhanced completion techniques and high proppant density well designs have significantly increased the amount of proppant used per well. These higher volumes are causing downhole pumps to malfunction and fail at much higher rates. Multilift is well positioned to provide a solution to this critical and growing industry issue as well as capitalize on the significant international market for its ESP completion tools and accessories.
Paul Shotter, CEO of Multilift, said, "We were looking for partners with Pelican and Colton's deep industry experience, key customer relationships and professional guidance outside of the board room. We are very excited to be working with Pelican in order to fully capitalize on Multilift's unique growth opportunities."
