Rubicon Oilfield International, a portfolio company of Warburg Pincus, has acquired World Oil Tools, a manufacturer and supplier of inflatable packer products and other equipment used in the oil and gas industry.
World Oil manufactures and supplies external casing packers (rubber bladders that are placed over well casings and inflated, usually with cement, to give an annular seal in open-hole sections of oil and gas wells) to exploration & production companies, and service companies across the globe. In the oil and gas industry, packers (of whatever type) are sealing devices that isolate and contain produced fluids and pressures within the wellbore to protect the casing and other formations above or below the producing zone. The packer forms the basis of the cased-hole design and is essential to the basic functioning of most wells. World Oil’s other products include hydraulic stage collars, landing collars, and other energy related equipment and supplies. The company, led by CEO Dennis Makar, was founded in 2000 and is headquartered in Calgary (www.worldoiltools.com).
Rubicon Oilfield International designs, manufactures and sells or rents downhole oilfield products in every major market around the globe. The company was formed in 2015 by Warburg and a group of energy industry executives to build a global enterprise in the oilfield products and equipment sector through both acquisitions and organic growth. Rubicon focuses on the acquisition of small and medium-sized businesses with a focus on proprietary downhole tools, products, and technologies. The company is led by CEO Michael Reeves and is based in Houston (www.rubicon-oilfield.com).
“We are excited to welcome the World Oil team to Rubicon and believe this transaction will significantly enhance our participation in the downhole completions market. Rubicon is well positioned to advance the reach of World Oil’s product offering into new and under-represented geographies,” said Mr. Reeves. “Providing World Oil’s people and best-in-class technology with access to Rubicon’s global customer service capabilities will immediately enable our new teammates to offer higher value and more comprehensive completions solutions to their customers.”
Warburg Pincus has more than $44 billion in assets under management and has raised 16 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).
© 2017 Private Equity Professional | June 13, 2017