PE-backed Rapid Rod buys oilfield service assets for $6.1 mln
Rapid Rod Service Ltd, a portfolio company of U.S. private equity firm Pelican Energy Partners, has acquired rod rig equipment and related assets from the service rig division of Essential Energy Services Ltd (TSX: ESN). Essential has reported the purchase price to be $6.1 million. Based in Calgary, Rapid Rod is an oilfield service business established in 2008. Pelican made a control-stake investment in the company in June 2013.
9 October 2014•2 mins read
