Production Control Services Acquires Opti-Flow Gas Lift
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Frederick, CO - February 21, 2008--Production Control Services Inc., a portfolio company of Boston-based Fidelity Equity Partners, is proud to announce the acquisition of Opti-Flow Gas Lift, a leading provider of gas lift products and nitrogen generation services in the Texas and Louisiana oil and gas markets.
“By joining Opti-Flow’s and Production Control Services’ industry and production expertise, the newly expanded company will now offer our customers multiple artificial lift solutions to maximize production from the initial drill of an oil or gas well to the end of the well’s life,” states Jeff Giacomino, President of Production Control Services
Bruce Victor, VP of Production Control Services commented “This acquisition is a natural fit and one that will significantly enhance our competitive position in the market by growing and expanding our product and service offerings, something that will likely lead to long-term job creation.”
The new Production Control Services product portfolio will include Plunger Lift, Gas Lift, Nitrogen Generation, and Automation equipment and services throughout its existing districts.
Stuart Harlow, President of Opti-Flow Gas Lift states that “Opti-Flow has a substantial market share in the gas lift and nitrogen generation business in Texas and Louisiana, and we look forward to introducing our products and services to the rest of the United States and Canada through Production Control Services’ network of 23 locations. For all current Opti-Flow and Production Control Services’ customers, the new company will continue to provide the best equipment and unparalleled customer service across a wider geographic footprint. Our goal remains the same—to provide our customers with the right solutions to maximize well efficiency.”
“With oil hovering around $100 a barrel, natural gas reaching 15-month highs, and the U.S. consuming more gas than it produces, the ability to optimize gas production from domestically producing wells represents a tremendous long-term growth opportunity in the energy services sector,” said Brooke Ablon, partner, Fidelity Equity Partners. “Through its acquisition of Opti-Flow, PCS is well-positioned to strengthen its marketing leading position in the artificial lift industry.”
Established in 1985, Production Control Services today is a leading provider of artificial lift systems, including Plunger Lift, Gas Lift, Nitrogen Generation Services, and Automation equipment in the oil and gas industry throughout the United States and Canada.
Fidelity Equity Partners is an international private equity firm focused on helping high-growth, midsized, information-based and systems-driven companies fully exploit their competitive advantage. The fund looks for opportunities where its partners’ individual expertise, culture of entrepreneurship, and access to unique resources such as the global family of Fidelity businesses can accelerate a company’s growth rate, profitability and overall market leadership. Fidelity Equity Partners raised its initial $500 million fund in 2007. For more information, visit www.fidelityequitypartners.com.