Canadian private equity firm SeaFort Capital has made a majority investment in Titanium Tubing Technology Ltd, a provider of coil tubing and nitrogen pumping services to oil and gas producers in Western Canada. The financial terms of the transaction were not released. Founded in 2006, the Lloydminster, Saskatchewan-based Titanium will continue to be led by CEO Pat Potter and COO Cory Potter, who have significant ongoing investments in the company. Executive Pat Powell also invested in Titanium and will serve as chairman. Other portfolio investments of the Halifax-based SeaFort include A.W. Leil Holdings Ltd, which was acquired in 2012.
PRESS RELEASE
SeaFort Capital Announces Investment in Titanium Tubing
HALIFAX, July 2, 2014 /CNW/ – SeaFort Capital Inc. (“SeaFort”) announced today that it has made a majority investment in Titanium Tubing Technology Limited (“Titanium”). The transaction closed on June 30, 2014. Established in 2006 by brothers Pat and Cory Potter and based in Lloydminster, Saskatchewan, Titanium provides coil tubing and nitrogen pumping services to oil and gas producers in Western Canada. The senior management team, including Chief Executive Officer Pat Potter and Chief Operating Officer Cory Potter, will have a significant ongoing investment and continue to lead the company. Pat Powell, formerly Chairman of Bonnett’s Energy Services and co-CEO of Mullen Group, has also made a meaningful investment in Titanium and will serve as Chairman.
Rob Normandeau, President of SeaFort, commented “We are pleased to invest in this outstanding business and are excited to partner with Pat Powell in our support of Pat Potter, Cory Potter and the rest Titanium management team. We believe that Titanium has an excellent service offering and is extremely well positioned to capitalize on growth opportunities in its core markets.”
Pat Potter, CEO of Titanium, offered “We have experienced rapid growth in recent years due to our ability to provide innovative solutions and high quality service to our customers. By partnering with SeaFort and Pat Powell we will gain access to additional capital and support, which will enhance our ability to provide top quality service and equipment to our customers without compromising our core values as we continue to grow.”
About SeaFort
Halifax-based SeaFort Capital makes controlling investments in small and medium sized Canadian businesses and partners with experienced managers to build value.
SOURCE SeaFort Capital Inc.
For further information: Rob Normandeau, President, SeaFort Capital Inc., E-mail: rnormandeau@seafortcapital.com, Phone: (902) 407-3477; Website: www.seafortcapital.com.
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