Sequeira Partners acted as the exclusive financial advisor to Halliburton Energy Services, Inc. and its affiliates (“Halliburton”) on the sale of the Halliburton Progressing Cavity Pump (“PCP”) Business Line in Canada (“Europump”) to PCM Artificial Lift Solutions Inc. (“PCM”). The transaction closed in July 2020:
Description of Transaction
Sequeira Partners was engaged to assist Halliburton in identifying the best-fit partner for carving out and selling Europump. The Sequeira team provided advisory assistance throughout the transaction including providing an initial valuation; running a targeted process; negotiating deal terms, structure, and consideration; and managing the due diligence data room.
The acquisition of Europump allows PCM to enhance its presence in Canada. This transaction marks the third key acquisition for PCM in Canada having already added Amik Oilfield Equipment (2014) and Cougar Wellhead Services (2019).
Europump is a premium provider of progressing cavity pumps (PCP’s), surface equipment (both hydraulic and electric packages), field services and technical support for the oil & gas industry. Europump is recognized as one of the top brands in the Canadian oil and gas industry and has serviced several major oilfield customer contracts throughout its history.
PCM was founded in 1932 by René Moineau, the inventor of the PCP. PCM first applied PCP’s to the oil & gas industry in the 1980’s and soon after established itself as a global leader in pump innovation. PCM manufactures its own proprietary elastomers specifically formulated for the challenges of the oil and gas industry. In 2012, PCM made the strategic move to service customers in Canada directly, subsequently adding key acquisitions of Amik Oilfield Equipment (2014) and Cougar Wellhead Services (2019).