AIP acquires SERVA from Wexford Capital
Middle-market private equity firm American Industrial Partners (AIP) has completed the acquisition of SG Holdings I (SERVA) from Wexford Capital, an SEC registered investment advisor with over USD4 billion of assets under management.
Founded in 1991, SERVA is a designer and manufacturer of fracking equipment, coiled tubing equipment, and well intervention and workover equipment, all of which are integral to the development of high-growth unconventional crude oil and natural gas resources in North America and increasingly in China.
The company's products are sold primarily in the US and to an increasing degree in Asia.
SERVA manufactures and distributes coiled tubing, cementer, blender, frac and hydration units at its three manufacturing facilities in Tulsa (OK), Duncan (OK) and Calgary (Canada), and its distribution facility located in Wichita Falls (TX). The company currently employs approximately 282 full-time associates in North America.
In addition to its North American operations, SERVA has established joint ventures in two Chinese businesses: SJS, which produces pumps for fracking related equipment, associated fluid end replacement parts, cementing units, data vans, and downhole tools; and SDS, which produces downhole cementing tools.
"We believe SERVA is currently well positioned to participate in a recovery from what has been a cyclical low point of frack equipment capital spending," says Constantinos Coutifaris of AIP. "The company's leading edge line of products allows SERVA to compete with differentiated offerings in many important end markets."
"We believe that AIP will be a value-added partner for the Company going forward," says Jorge Amador of AIP. "In collaboration with management, we have developed a compelling operating agenda that will allow SERVA to continue to successfully meet oil and gas customer needs through engineering excellence and new product development."
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