Description of Transaction
Sequeira Partners was engaged by the shareholders of Cranesmart and Rigsmart to realize on the value created through years of operational execution and to assist in identifying the right strategic partner to support the Companies’ next chapter of growth.
The Sequeira team provided advisory assistance throughout the transaction, including marketing the business to prospective partners, negotiating preliminary and final transaction terms, advising on structure and consideration, and supporting diligence and other preclosing matters.
The sale to NOV will help facilitate the next phase of growth for Cranesmart and Rigsmart while allowing the Companies to continue their long-standing history of operational excellence as leading providers of wireless safety and monitoring technology for cranes and drilling rigs.
Cranesmart Systems Inc. & Rigsmart Systems Inc.
Cranesmart Systems Inc. and sister company Rigsmart Systems Inc. are Edmonton, Alberta based manufacturers of wireless safety and data-acquisition technology. Cranesmart serves cranes and heavy equipment, with over 40,000 systems sold worldwide over more than 30 years, while Rigsmart serves drilling, workover, and snubbing rigs, with over 1,000 installations globally. Both are known for rugged, self-installable technology and dedicated after-sale service.
NOV Inc.
NOV Inc. (NYSE: NOV) is a leading global provider of technology, equipment, and services to the energy industry. Headquartered in Houston, Texas, NOV operates in more than 500 locations across six continents and continues to expand its digital technology offering. Cranesmart and Rigsmart join NOV Digital Services, extending NOV’s portfolio of digital monitoring and safety solutions and its ability to improve operational visibility, efficiency, and equipment performance for customers worldwide.
