Pelican Energy Partners has confirmed the sale of Downhole Technology LLC to Schoeller Bleckmann Oilfield Equipment on April 1 in a transaction representing an enterprise value of $152 million.
Pelican sold all of its equity holdings in the company; however, the management team retained the majority of its equity holdings and will continue with the business as partners with Schoeller Bleckmann. Downhole will immediately begin operations within the Schoeller Bleckmann family of energy service companies.
Pelican Energy Partners is a Houston-based private equity firm specializing in the energy service business. Downhole Technology is a Houston-based manufacturer of composite downhole drillable plugs used in well fracking operations.