“Summit has been a terrific partner as we have continued to grow our business incredibly quickly. They are highly analytical, very straight-forward, and they are always available to assist when we need it.”
Grew revenues more than 4x during Summit's investment
Launched new services and products offerings that contribute significantly to Welltec’s revenues
Increased headcount by more than 2.5x, reaching 1,000 staff in more than 20 countries
Welltec is the leading provider of robotic well intervention services and completion products for the upstream oil & gas industry. The company’s proprietary technology enables the world’s major oil producers to increase production levels and improve oil recovery in maturing reservoirs. After several years of impressive growth building an international footprint, Welltec’s founder sought an experienced financial partner to continue its rapid expansion.
How Summit helped:
- Led a minority recapitalization in 2007, buying out an early investor
- Helped develop sophisticated operating and financial reporting systems
- Working with the founder, built out the senior management team with high-caliber talent, including an experienced CFO, COO and Chief Commercial Officer
- Helped complete the acquisition of a Canadian wireline business; continuing to source and advise on additional acquisition opportunities
- Assisted in completing a $325 million high-yield bond offering led by Goldman Sachs and Credit Suisse
In an industry characterized by maturing fields and increasing depletion rates, Welltec continues to gain momentum with solutions that allow customers to develop and optimize fields that would not otherwise be economically viable. Today, Welltec is the global leader in the market for robotic downhole well intervention, and continues to expand its cutting-edge product and services offering to all of the major independent and national oil and gas companies worldwide.