Probe Technologies Holdings, Inc. (“Probe”) announced it has completed a strategic merger with Hunter Well Science Ltd. (“Hunter”) that significantly expands its product offering to better serve its growing international customer base. By joining forces, Probe and Hunter plan to accelerate the commercial release of a combinable and technologically advanced solutions platform that initially includes Reservoir Evaluation, Production Logging, Well Integrity and Petrophysics tools and services.
“Short-term, the merger of Probe and Hunter will allow us to better serve our existing customers by expanding our combinable technology, and as we work together to continue to improve our focus on customer support, this will also lead to attracting new customers in new geographies,” said Mr. Federico Casavantes, President & CEO of Probe. “Long-term, our partnership will enable us to dramatically accelerate product development, as we move to rapidly fill gaps in the technology used in high-end cased-hole formation evaluation, array production logging and well integrity solutions, and move to integrate Hunter’s state-of-the-art modular tool manufacturing techniques into Probe’s extensive product offering. We’re also very excited to welcome industry veterans Lane Roberts, Martin Barratt and Richard Odom to the Probe family, as many among our respective teams have known each other for many years.”
Mr. Lane Roberts, President & CEO of Hunter added, “On behalf of all of the Hunter Well Science employees and stakeholders, we view this partnership as a unique opportunity to channel increased efforts and investment into new and compatible technologies to continue to help our customers serve their markets with the very best solutions and services. The Probe-Hunter association positions us for continued growth, as we stand together to provide intelligent technology and reliable solutions that address the needs of our sector.”
Mr. Todd Tomlin, partner of Turnbridge Capital, commented: “In July of this year, we joined with Probe managers and employees to recapitalize the company. We are now delighted to be investing further in the expanding Probe-Hunter Well Science team, and we also benefit from prior relationships with Lane and his team. The combination of these companies accelerates delivery of technologically differentiated products. We are very excited about the potential and capabilities of the combined company.”
Financial terms of the transaction were not disclosed.
Established in 1994, Probe is widely acknowledged as a leading specialist cased hole logging and reservoir monitoring technology supplier to oilfield services companies around the world. Headquartered in Houston, Probe operates through its extensive network of global representatives and technology and support centers in North America, Latin America, Europe, the Middle East, North Africa and Asia.
About Hunter Well Science
Founded in 2009, with commercial product deployment in 2012 following several years of RD&E, Hunter designs, engineers and produces top tier cased hole technologies and provides petrophysics solutions to oilfield services companies around the world. Primarily focused on pulsed neutron and array production logging tools, Hunter is headquartered in Calgary, Alberta with a Petrophysics, Engineering and Customer Support facility in Arlington, Texas.
About Turnbridge Capital
Turnbridge Capital is an energy-focused private equity firm with offices in Dallas and Houston, Texas. The firm typically invests alongside experienced management teams in companies that provide products and services to the upstream, midstream, downstream, and other energy-related infrastructure segments.