SCF Partners Announces Investment in ProDirectional
HOUSTON--(BUSINESS WIRE)--Jan 25, 2019--SCF Partners (“SCF”) is pleased to announce its partnership with and investment in Professional Directional Enterprises (“ProDirectional”). Karen O’Neal, one of the company’s original founders, will continue to serve as CEO and will maintain an ownership position in the business. Diamond Castle Partners (“DCP”), ProDirectional’s previous capital sponsor, will also maintain an ownership position. Steven Brewer will continue as CFO.
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ProDirectional is a leading independent directional drilling services company that has established a track record of providing skilled personnel, differentiated technology, and best-in-class equipment to generate superior performance for its customers. The company, which was founded in 2001, also provides completion and production fluid services under its Tornado brand and core acquisition services through ProCoring.
SCF Co-President David Baldwin stated, “Karen has built a terrific company and team at ProDirectional, and we are excited to partner with her to take it to the next level. We look forward to developing a drilling technologies platform that enables customers to drill longer, better wells at lower costs.”
Karen O’Neal, founder and CEO, stated, “We are excited to partner with the SCF team, given their proven track record of successfully providing a capital platform to grow quality oilfield service organizations with a vision for the future. ProDirectional and its team of dedicated employees look forward to adding new technologies and additional capabilities to continue the company’s growth with SCF as its new partner.”
Ari Benacerraf of DCP said, “We are thrilled to complete this transaction and realize a successful outcome for our investors. We look forward to continuing our partnership with Karen and the ProDirectional team, and beginning this exciting new phase in the company’s development together with SCF.”
ProDirectional is headquartered in Conroe, Texas, and operates in every major shale basin in the United States.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190125005088/en/
Theresa Eaton, 713-227-7888
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS OTHER ENERGY TECHNOLOGY OTHER TECHNOLOGY PROFESSIONAL SERVICES FINANCE
SOURCE: SCF Partners
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PUB: 01/25/2019 09:00 AM/DISC: 01/25/2019 09:01 AM