Private investment firm Palladium Equity Partners has acquired, through affiliates, Q'Max Solutions, an oilfield services company with operations in Latin America, North America and Asia.
Terms of the transaction have not been disclosed.
Founded in 1993, Q'Max is a large independent oilfield services company focused on providing drilling fluids and solids control services to national and independent oil companies. The company's workforce of nearly 1,400 employees provides customised fluids and environmental solutions to challenges encountered in the drilling process. Its name "Q'Max" refers to "maximum flow from a wellbore" in engineering terms.
Chris Rivers, president and chief executive officer of Q'Max Solutions, says: "I am excited that Q'Max has become a member of the Palladium family. Palladium recognises our potential for significant profitable growth and thoroughly supports our vision, which will create new opportunities for our customers and employees."
"We are pleased to back Q'Max's team, which has positioned the company well in a large market with significant growth potential globally," says David Perez, president and chief operating officer of Palladium. "My partners and I look forward to working with Chris and his team to continue to grow the company and deliver best-in-class services to its clients."
