Calgary, Alberta – January 2024 – Variperm Energy Services (“Variperm”) is pleased to announce its strategic acquisition by Forum Energy Technologies (“FET”).
Since its founding in 1969, Variperm has been recognized for its industry-leading products and services tailored to optimize well performance. Through its dedication to cutting-edge technology and unwavering customer support, Variperm has established itself as a trusted partner to premier Canadian producers. The acquisition by FET presents an opportunity for Variperm to leverage FET’s extensive resources, global reach, and technological expertise to expand continued service offerings to those customers.
James Nurcombe, Chairman of Variperm, stated, “Joining forces with Forum Energy Technologies is a significant milestone for Variperm. This transition is a testament to the dedication and hard work of our employees, who have been an integral part of Variperm’s story. This strategic move not only positions us for continued growth but also underscores our commitment to preserving the values that have defined us since our inception. We are excited about the opportunities this collaboration will bring to the industry, and we look forward to carrying forward the family-founded legacy with the same spirit that has fueled Variperm’s success.”
Headquartered in Calgary, Canada, Variperm was included within SCF’s portfolio of Fund VIII investments. Deviyani Misra-Godwin, Director at SCF, commented on the transaction, “We are thankful for the dedication and leadership of James Nurcombe and Jamie Olsen throughout SCF’s partnership with Variperm. They have spearheaded numerous strategic initiatives that have led to the continued success and growth of the company, including Variperm’s strategic acquisition of RGL in 2021 that transformed Variperm into the premier sand and flow control provider in North America. The decision to sell to FET reflects our commitment to ensuring Variperm’s continued success in this next chapter.”
Jamie Olson, CEO of Variperm, said, “This strategic acquisition underscores robust industrial logic, as Variperm’s distinctive products and technologies seamlessly integrate with FET’s downhole and artificial lift product portfolio. This collaboration will empower Variperm to further enhance its offerings and drive innovation in the oilfield services sector.”
Variperm was represented by TPH & Co., the energy business of Perella Weinberg Partners, as financial advisor and Vinson & Elkins LLP and Bennett Jones LLP as legal counsel. FET was represented in the transaction by Goldman Sachs & Co. LLC as financial advisor and Gibson, Dunn & Crutcher LLP and Goodmans LLP as legal counsel.
About SCF Partners
Founded in 1989, SCF provides equity capital and strategic growth assistance to build and grow leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 70 platform companies and made more than 400 additional acquisitions to develop 18 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas, and has offices in Calgary, Aberdeen, and Australia. For more information, please visit www.scfpartners.com.
About Variperm Energy Services
Variperm is a premier sand control products and services company specializing in custom filtration screens, flow control technology, gravel pack services, supply of quality cased hole fishing tools and services, well abandonment solutions, and a full suite of completion and work-over tools. For more information, please visit www.variperm.com.
About Forum Energy Technologies Forum Energy Technologies Inc is a global products company, serving the oil, natural gas, industrial and renewable energy industries. The company designs, manufactures, and distributes products and engages in aftermarket parts supply and services that complement its product offering. Its products include highly engineered capital equipment, as well as products that are consumed in the drilling, well construction, production, and transportation of oil and natural gas. It operates in three reporting segments, namely drilling and downhole, completions, and production. Revenue largely comes from consumable products and activity-based equipment. Consumable products include valves, centrifugal pumps, mud pump fluid end components, rig sensors, inserts, and dies. For more information, please visit www.f-e-t.com.