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HOUSTON , Oct. 24, 2014 /PRNewswire/ -- Abaco Energy Technologies LLC ("Abaco" or the "Company") today announced that it has entered into an agreement to acquire Basin Tools Inc. ("Basin"). Based in Houston , Basin engineers and manufactures rotors and stators used in mud motor power sections and also provides stator relines and rotor coating services. Financial terms of the transaction were not disclosed. Abaco is led by CEO Ken Babcock and CFO Roger Rivet and was formed in October 2013 in partnership with energy private equity firm Riverstone Holdings LLC ("Riverstone") to acquire and develop energy manufacturing and service businesses.
Messrs. Babcock and Rivet have significant experience in the oilfield equipment and service sector, particularly in building businesses through value-added initiatives. Prior to founding Abaco and acquiring Basin, the two most recently led Titan Specialties, Ltd., which was acquired by Riverstone in March 2007 and sold to Hunting plc in September 2011 . Previously, Babcock and Rivet served as CEO and CFO of International Logging, Inc., which was acquired by Riverstone and affiliates in March 2006 and sold to Weatherford in August 2008 .
Mr. Babcock commented: "This investment in Basin provides a compelling platform for us to create a company that contributes significantly to improving and enhancing oilfield technology and processes, which has been our goal since Abaco's inception. Over the last four years, Leif Syversen and his management team at Basin have successfully established the company as a leading competitor in its market, and Roger and I are excited to build on what they have started."
About Abaco Energy Technologies LLC
Abaco Energy Technologies LLC, based in Houston, TX , was formed to acquire, integrate and develop energy manufacturing and service businesses, principally related to North American drilling, completion and production and associated infrastructure. Abaco is led by President and Chief Executive Officer Ken Babcock and Chief Financial Officer Roger Rivet .
Based in Houston, TX , Basin Tools Inc. is a leading independent manufacturer and servicer of rotors and stators that are used in mud motor power sections. Basin engineers and manufactures rotors and stators, while also providing stator relines and rotor coating services. The Company serves the North America market through manufacturing facilities in Houston, TX and Edmonton, Alberta .
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York , London and Houston , the firm has committed approximately $27 billion to 113 investments in North America , Latin America , Europe , Africa and Asia .
For Abaco Energy Technologies: Roger Rivet , CFO (713) 275-4652
For Riverstone Holdings LLC: James David or Jeffrey Taufield Kekst and Company (212) 521-4800
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/abaco-energy-technologies-llc-signs-definitive-agreement-to-acquire-basin-tools-inc-624285857.html
SOURCE Abaco Energy Technologies LLC
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