Summit Partners has hired Mark Crews as a new Executive Partner to acquire and build technology-enabled oilfield products and services businesses. In this role, he will help identify opportunities and assist in the value creation process post-investment.
“Summit Partners has deep sector expertise in the energy and technology industries,” said Summit Principal Jay Pauley. “The North American energy market is an attractive growth segment of the economy, and we’re excited to work with Mark to invest in energy technology and service companies that are redefining this sector. We are actively looking for acquisitions and believe there are a number of compelling investment opportunities in the market. ”
Mr. Crews brings more than three decades of international experience in the oilfield products, services and technology industry. Most recently, Mr. Crews worked at Lufkin Industries as Senior Vice President and General Manager of the Oilfield Division where he was responsible for all manufacturing, sales, service and engineering operations worldwide. During his five-year tenure, Mr. Crews developed and implemented a global growth strategy for Lufkin’s Artificial Lift business segment (artificial lift, used in 94 percent of the roughly 1 million oil-producing wells around the world, helps lift resources to the surface in reservoirs with low pressure and improves the efficiency of naturally flowing wells). Mr. Crews’ strategy increased revenue of the Artificial Lift business segment from $360 million to $1.2 billion, culminating in the July 2013 sale of the company to GE Oil & Gas for $3.3 billion. Prior to Lufkin, Mr. Crews was employed by Cameron International where he served most recently as Vice President, Subsea Technology. In addition, Mr. Crews held a number of domestic and international executive management positions with Cameron during his three-decade career at the company.
“The technological innovation that is redefining the North American energy market is in the early stages of being exported to the rest of the world. As a result, the opportunity to build leading energy product and technology companies has never been better,” said Mr. Crews. “Summit Partners has a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions, and I am thrilled to work with Summit.”
Mr. Crews holds a BS degree in Mechanical Engineering from Texas A&M University and is a graduate of the Harvard Business School Program for Management Development.
Summit Partners provides private equity and venture capital for growth companies. Founded in 1984, Summit has raised more than $15 billion in capital and has provided equity, recapitalization, and management buyout financing to more than 380 companies across a range of industries. Summit Partners has offices in Boston, Palo Alto, London, and Mumbai (www.summitpartners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-17-14
