Lifting Solutions Inc., a portfolio company of ARC Financial, has completed acquired the Canadian continuous rod service assets from an unnamed “major multinational oilfield services company.” Financial terms were not disclosed.
Edmonton, Alberta based Lifting Solutions total fleet size has increased from 70 to 320 pieces of equipment with service units capable of pulling and running continuous rod now totaling 47. Head count has doubled with the addition of 120 employees in the acquisition.
photo credit: Lifting Solutions
LIFTING SOLUTIONS INC. ACQUIRES CANADIAN ROD SERVICE ASSETS FROM MULTINATIONAL SERVICE COMPANY
Lifting Solutions Inc. established industry-leading platform for continuous rod service solutions
EDMONTON AND CALGARY, ALBERTA, 2018-04-05 — Lifting Solutions Inc. (“Lifting Solutions”) announced today that it has completed the acquisition of all the Canadian continuous rod service assets from a major multinational oilfield services company. Lifting Solutions total fleet size has increased from 70 to 320 pieces of equipment with service units capable of pulling and running continuous rod now totaling 47. Head count has doubled with the addition of 120 employees in the acquisition.
“We are extremely excited by the opportunities this acquisition creates for Lifting Solutions and our clients through both the service assets we are acquiring and the people joining us,” said David Labonte, President and CEO of Lifting Solutions. “We warmly welcome the people joining our current team, and look forward to creating the most extensive global expertise in the continuous rod services and products space. I am confident that our client-focused culture and dedication to delivering innovative products, services, and processes will continue to be a differentiating value proposition for our clients.”
This transaction complements Lifting Solutions, which is an Edmonton-based, state-of-the-art manufacturer of artificial lift solutions such as continuous rod, progressing cavity pumps, guided conventional sucker rod, and variable frequency drives (VFD) products.
Lifting Solutions will continue to leverage its high-performance team to connect progressing cavity pumping systems and reciprocating rod pumping systems product and service offerings to Canadian clients. “Through efficiencies and economies of scale, we will continue to drive down lifting costs for our clients,” adds Labonte, “and we will invest in our people, manufacturing, and continuous rod assets to ensure reliable and repeatable service and product quality.”
“Lifting Solutions is committed to growing its artificial lift products and services organization by providing client-valued service and system solutions in a very challenging industry environment,” said Jomo Green, Vice President of Client Solutions. “This transaction represents a bold step toward this commitment and we are confident that we will continue to achieve shared success in our partnership with our clients.”
About Lifting Solutions Inc.: Lifting Solutions is a privately held artificial lift and production solutions focused oilfield services company based in Canada. Founded in 2014 and backed by ARC Financial, Canada’s largest energy private equity firm, Lifting Solutions employs 240 people focused on manufacturing and distributing products and providing services to Canadian oil and gas producers. We are strategically located with our Client Solutions team centered in our Calgary office, manufacturing and head office in Edmonton, and client bases located in Wabasca, Bonnyville, Cold Lake, Lloydminster, Macklin, Whitecourt, Taber, Medicine Hat, and Swift Current.