Pelican Energy Partners, a private equity fund focused on the energy service and equipment sector, has acquired Iron Horse Tools Inc., a provider of automated drilling chokes in the U.S., from Bluehenge Capital Partners.
IHT was founded in 2008 and is based in Corpus Christi, Texas. The company focuses on services that look to improve efficiency and safety during managed pressure drilling (MPD) operations. IHT employs over 150 personnel and operates across all U.S. shale plays. With the Pelican investment, IHT looks to be in a position to expand its customer base, geographic presence and service offerings.
“We expect IHT to continue to build upon their already impressive market share with market leading MPD technology and unmatched service across the U.S.,” says Mike Scott, managing partner of Pelican.
Reed Smith LLP acted as legal counsel to Pelican Energy Partners, and Armbrust & Brown PLLC served as legal counsel to Bluehenge. PPHB LP acted as financial advisor to Bluehenge.