Evolution Engineering Inc. has secured a growth equity investment from EV Private Equity. Financial terms were not disclosed. Evolution Engineering Inc. joins Pangeo Subsea and Acoustic Zoom Inc. as EV’s third Canadian portfolio company.
Calgary based Evolution Engineering intends to use new funds to accelerate the company’s North American growth and expand product development related to its market leading EVO ONE measurement while drilling (MWD) platform and related directional drilling technologies.
“Evolution now has additional resources to pursue its aggressive growth strategy and build on its industry leading directional drilling technologies,” said Paul Crilly, Evolution’s CEO. “The growth capital also positions us to ensure that our customers will continue to benefit from the highest level of product innovation, service and support. In parallel, we will be accelerating our marketing efforts, serving the needs of clients throughout North America and around the world.”
“We are delighted to support the on-going business and vision of Evolution Engineering’s team, whose EVO ONE MWD systems are already enabling the drilling of the industry’s most extreme horizontal wellbores,” said Matthew Anstead, EV Private Equity partner. “We believe that Evolution is well positioned for further growth, particularly in the horizontal shale plays of the US and Canada.”
Formerly know Energy Ventures, EV Private Equity is an independent growth equity firm applying its specialized expertise to build world-class companies and uncover new technologies in the oil and gas sector. Since 2002, EV has raised five funds with committed capital in excess of $750 million. Private Equity has offices in Stavanger, Norway; Houston, Texas; and Aberdeen, Scotland.
photo credit: Evolution Engineering
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