PERTH, AUSTRALIA and ABERDEEN, SCOTLAND—Specialist downhole tool provider Peak Well Systems (“Peak”) announced today that growth equity firm Summit Partners has invested in the company. The agreement follows a careful selection by Peak to find a suitable growth partner to support its plans for continued business expansion.
Summit Partners brings a wealth of specialist growth experience in helping rapidly growing companies achieve their goals, including acquisition expertise and access to additional funding if required.
Peak was established in 2002 to provide the upstream industry with advanced intervention technology to reduce operating costs and improve well performance. Ten years later and still independent, Peak has become a provider of choice for major oil companies, national oil companies and service companies around the world. Today, the company employs 80 staff from its regional offices in Australia, the United Kingdom, Malaysia and the Middle East.
Peak’s flagship product line is the proprietary SIM System, a range of superior, slickline-conveyed and recoverable tools that offer numerous well intervention and production enhancement benefits. The unique, patented design of the SIM System reduces operating costs and removes potential safety hazards inherent in alternative systems.
Nigel Avern, Chief Executive of Peak, commented: “Peak’s shareholders agreed that it was the right time in the company’s development to align with a new partner, one that is more able to both match and support our ambition for further growth. We are very excited to be working with Summit Partners, which has a highly successful track record of supporting technology-based companies around the world achieve their aims.”
Christian Strain, a Managing Director with Summit Partners who will join the Peak Board, said: “The competition to invest in Peak Well Systems was fierce and rightly so, given the company’s exceptional growth over the past years. Peak has excellent products, a world-class management team and a winning strategy, all of which are a valuable proposition for us in order to help maximise the company’s future growth potential.”
“Summit Partners has been making investments in rapidly growing, market-leading companies for nearly 30 years, and we are pleased to partner with Peak,” added Johannes Grefe, a Vice President with Summit Partners who will also join the Peak Board.
About Peak Well Systems
Peak Well Systems (www.peakwellsystems.com) designs and manufactures technically advanced downhole tools that extend well life, restore well integrity and enhance well performance. Peak’s portfolio of products includes solutions for routine and high-deviation well intervention, heavy duty fishing, zonal isolation, extending or restoring well integrity, downhole data acquisition, wellbore clean-up and debris removal.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised nearly $15 billion in capital and provides equity and credit for growth, recapitalizations and management buyouts. Summit has invested in more than 365 companies globally in technology, healthcare, and other growth industries. These companies have completed 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Notable investments in the technology and energy sectors include Hittite Microwave, Welltec International and Ubiquiti Networks.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20-22 Bedford Row, London, WC1R 4JS. UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.