January 30, 2018 – HOUSTON, TX – Quantum Energy Partners (“Quantum”) is pleased to announce the acquisition of Premium Oilfield Technologies (“Premium”). Headquartered in Houston, Texas, Premium engineers, manufactures and distributes technologically differentiated consumable products used in oil and gas well drilling and completion activities. These products include extreme service pistons, liners, valves, and seats for high pressure mud pumps, mud valves, washpipe cartridges, and other high-performance expendables for top drives.
Premium has also developed a suite of hammerless quick-change components, its patented Sur-LockTM and Sur-DriveTM product lines, which reduce the time it takes to replace parts on a mud pump, frac pump, or top drive by 80 – 90%, while also significantly reducing potential for injury. These innovative products are rapidly becoming the new standard for safety and efficiency on high-spec drilling rigs.
Premium’s highly engineered product line is augmented by its array of field service locations across the major US resource plays, as well as several international locations.
Premium is led by industry veteran Cam Hewell (“Hewell”) as Chief Executive Officer. Hewell joined Premium in 2013 as part of a recapitalization of the company. Prior to joining Premium, Hewell served as President of Energy Equipment Corporation from 1997 until its sale to T3 in 2007, and he remained with T3 and its subsequent acquirers, Robbins and Myers and NOV, until 2012. Most of Premium’s executive team worked with Hewell at T3 and/or its successors.
Premium provided Quantum the opportunity to partner with a highly qualified management team to acquire an oilfield manufacturing business with a reputation for creating unique products that reduce costs while solving operational and safety issues faced by operators. The company has a pipeline of proprietary new products that are scheduled for release over the coming months. These products are designed to increase the speed and safety of the processes required to change out the high-wear, consumable components of drilling rigs and frac equipment.
Hewell remarked on the closing, “The team at Premium is excited to partner with Quantum on the next phase of the company’s growth. We think that Quantum’s industry expertise and capital resources will enable Premium to add to our product offering and increase the market penetration of our existing product lines.”
Bill Montgomery, Partner at Quantum, commented, “We have been following Cam’s career for many years and have been looking for the right opportunity to partner with him. We were very impressed with what he and his team had built at Premium and look forward to working with them to take the company to the next level.”
About Premium Oilfield Technologies
Founded in 2004, Premium Oilfield Technologies is a Houston based provider of consumable equipment to the oil and gas industry. For more information on Premium, please visit www.premiumoilfield.com.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $15 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.