“Summit was much more than an investor – they were true partners. They’re smart, deeply committed to our development, and helped position us for sustainable long-term growth, whilst providing valuable insights at key moments.”
Nigel Avern, Former CEO
Acquired by Schlumberger Limited 2016
Peak Well Systems
Downhole well intervention technology
Expanded global presence, opening a new sales office and hub in the Middle East
Broadened product offerings and commercialized new technologies
Acquired by Schlumberger in 2016
Peak Well Systems (Peak) was established in 2002 to provide the upstream oil and gas industry with advanced well intervention technology to extend well life, restore well integrity and enhance performance. Ten years later and still independent, Peak had become a provider of choice for major oil companies, national oil companies and service companies around the world. In 2013, Peak’s management team sought a financial investor to help drive growth in new geographies and expand through acquisition, and chose to partner with Summit.
How Summit Helped:
- Provided a growth equity investment in 2013
- Engaged Summit’s Peak Performance Group to evaluate sales force expansion and implement strategies to increase global sales reach in existing markets and identify new regional markets
- Collaborated with management to review existing IT/technology systems landscape to further scale the business
- Assisted in identifying and reviewing M&A targets, with the company completing one highly strategic acquisition
- Supported the company’s navigation through the global downturn in the oil and gas industry, working closely with management to achieve the company’s strategic sale to the industry’s premier buyer in 2016
In 2016, Peak Well Systems was acquired by Schlumberger, one of the world’s largest oilfield services providers. The addition of Peak’s well intervention technology strengthened the Schlumberger Production Services portfolio with a broader offering of mechanical services, while Peak benefited from the wider distribution network and world-class service delivery platform offered by Schlumberger in all global markets.