Pelican Energy Partners Announces Majority Recapitalization of Lodestar International
Pelican Energy Partners, a private equity firm focused on the oilfield services and equipment sector, is pleased to announce the strategic combination of Lodestar International, LLC (“Lodestar”) and MaxWell Downhole Technology Limited (“MaxWell”).
MaxWell, based in Aberdeen, UK, is a leading manufacturer of downhole dynamics-while-drilling (“DWD”) measurement tools which are critical to continued drilling efficiencies and optimization. Lodestar, based in Dripping Springs, TX, is an independent service provider of downhole DWD tools and has been MaxWell’s exclusive North American distributor since 2016. The combination of these two businesses, along with growth capital from Pelican, is expected to improve rental tool availability, service quality, data turnaround times and historical logistical bottlenecks while also accelerating the development and introduction of new DWD and related technologies. Moving forward, Lodestar will assume all operational functions as the combined company works towards achieving greater scale in the DWD market.
Pelican Energy Partners
Founded in 2011, Pelican Energy Partners (“Pelican”) is a Houston-based private equity fund specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies with sustained earnings outlooks. The firm has raised $563 million of committed capital and is investing out of its third fund. For more information about Pelican Energy Partners, please visit www.pelicanenergypartners.com.