Welltec International

Precision robotic solutions for oil and gas wells
Invested in
2007
Status

Acquired by Exor S.p.A. and 7 Industries 2015

Location
Allerod Denmark
Sector
Growth Products & Services
Sector
Growth Products & Services

"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
|
Welltec International
280%

Revenue growth during Summit’s investment

2.5x

Increase in headcount, reaching 1,000 staff in more than 20 countries

2015

Exor S.p.A. and 7 Industries acquired Summit's minority position

280%

Revenue growth during Summit’s investment

2.5x

Increase in headcount, reaching 1,000 staff in more than 20 countries

2015

Exor S.p.A. and 7 Industries acquired Summit's minority position

Welltec is a leading provider of robotic well intervention services and completion products for the upstream oil & gas industry. The company’s proprietary technology helps 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 Partners 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
  • Supported management as Welltec launched new services and products offerings that contributed significantly to the company’s revenues
  • 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.

The Portfolio Company Executive quoted herein did not receive compensation for any statements regarding Summit Partners. However, since Welltec International is a former portfolio company of Summit, this individual did receive general compensation in connection with his employment by the company. In addition, this individual is not an investor in a Summit fund but may have conflicts arising from his past role with Welltec International due to the company’s relationship with Summit.

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