Private equity firm GTCR has partnered with seismic specialist Ken MacDonald to form ReSurge, a seismic data licensing
Private equity firm GTCR has partnered with seismic specialist Ken MacDonald to form ReSurge, a seismic data licensing company based in Western Canada.
GTCR plans to invest up to USD150m of equity capital to support management strategy, while MacDonald will serve as chief executive officer of ReSurge, which will be headquartered in Calgary, Alberta.
MacDonald, a 35-year seismic industry veteran, is the co-founder and former president and chief executive officer of Pulse Data, a seismic data licensing company providing 2D and 3D seismic data.
He will be joined by two industry veterans: David Smiddy, vice president of finance and chief financial officer; and Andy Vernon, vice president of sales and marketing. Both individuals worked with MacDonald at Pulse.
‘I am excited to have this opportunity to build a successful seismic data company,’ says MacDonald. ‘The current economic environment presents certain challenges to seismic data companies but also creates many opportunities. I have known GTCR for a number of years and I firmly believe they will be the ideal partner for creating this leading platform. I am also looking forward to the opportunity to work with Dave and Andy again as we build another successful company.’
‘We have known Ken since his time at Pulse, and we have tremendous respect for what he was able to do with that business,’ says Phil Canfield, a principal at GTCR. ‘Ken showed that he is capable of creating a leading seismic data library and we think his track record of emphasizing measured growth through selective, high-quality acquisitions makes him well suited to execute his plan.’
