Houston, TX - August 9, 2015 - Pelican Energy Partners, a private equity firm focused on the oilfield services and equipment sector, announced they have completed a majority recapitalization of and growth equity investment in P360 Management Solutions.
P360 Management Solutions ("P360"), with locations in Houston, Calgary and Tennessee, was founded in 2013. Their flagship service, the Phoenix DAS™ business process optimization platform, streamlines operations for oilfield services companies and enables informed business decisions from the field operator to executive level, with a focus on providing a clearer understanding of how the business is performing from the convenience of a mobile device. It can replace all paper forms, whiteboards, off-line spreadsheets and other disparate systems with a single solution.
P360 will be led by an experienced team, including Lars Olrik as CEO, Mike Maddox as Chairman and Brandon Chandler as Vice President of Operations. Mr. Olrik was formerly the CEO of Verdande Technology and has been instrumental in leading the commercialization efforts of several oil and gas technology platforms. Mr. Maddox has over twenty years of experience running oilfield service companies, most recently M&M Pipeline Services.
Mike Scott, Managing Partner and Founder of Pelican Energy Partners, commented, "There is an increasing trend in the oilfield toward digitization and automation of tasks that have long been done by handwritten paper tickets, whiteboards and yellow legal pads. This trend is gaining momentum in the current downturn as companies are looking for every way possible to lower costs and become more efficient. There are piecemeal solutions in the market today, but Phoenix DAS is the first comprehensive solution we have seen that is designed by and for small to medium size oilfield service companies that are working for upstream oil and gas companies. We have already implemented Phoenix DAS in two of our portfolio companies and have seen quantifiable benefits. P360 is led by proven oilfield entrepreneurs and is uniquely positioned to take advantage of this growing trend."
Lars Olrik, CEO of P360 Management Solutions, said, "We are extremely excited to be working with Pelican. Their customer relationships, extensive industry experience and history of developing oilfield service companies will be a significant advantage as we work to capitalize on P360's unique growth opportunities."
Pelican Energy Partners Makes Growth Equity Investment . . .
"It has been exciting to see the company and product develop into the well-rounded offering that it is today", added Mike Maddox, P360's founder and Chairman. "This growth equity investment and support from the Pelican team are important steps in bringing P360 to the oilfield service market."
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About P360 Management Solutions
Part of the P360 Management Solutions company, Phoenix DAS has operations, software development, sales and management teams strategically located throughout North America. The software platform is the only solution that offers oilfield services company users the ability to completely manage their operations and bring real-time insight and intelligence into the business. To learn more, visit the Phoenix DAS platform website at www.phoenixdas.com.
About Pelican Energy Partners LP
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.