“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.”
Jørgen Hallundbæk, Founder and CEO
Acquired by Exor S.p.A. and 7 Industries 2015
Grew revenues more than 280% 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
Exor S.p.A. and 7 Industries acquired Summit's minority position in 2015
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
After an eight-year partnership, Summit’s minority position in Welltec was acquired by Exor S.p.A. and 7 Industries in 2015. Welltec remains a global technology leader in an industry characterized by maturing fields and increasing depletion rates, as oil and gas producers worldwide seek to optimize the management and development of their assets and increase recovery in a safer and more sustainable way.