Warburg Pincus, a global private equity firm focused on growth investing, has agreed to a line-of-equity investment of up to $300 million in Rubicon Oilfield International, a startup oilfield services company.
Rubicon's strategy is to build a global enterprise in the oilfield products and equipment sector through acquisitions and organic reinvestment. The company intends to acquire, integrate, and ultimately enhance small and medium-sized businesses in the upstream oilfield technology sector with a focus on proprietary downhole tools, products, and technologies.
Rubicon comprises five founding members led by CEO Michael Reeves, who brings more than two decades of oilfield experience. He most recently served as president of Sandvik – Drilling and Completions, where he oversaw all oilfield business lines, including Varel International. Previously, Reeves held leadership positions at Schlumberger, National Oilwell Varco, and XACT Downhole Telemetry, and worked in the Middle East, Europe, and North America. John Griggs, formerly a managing director at CSL Capital Management, serves as CFO of Rubicon.