Varel Energy Solutions (VES) announced it had acquired Ace Well Technology (ACE), an international leader in the supply of oilfield casing, cementing, and completion products. This deal further strengthens VES’s robust portfolio of primary cementing equipment and many uniquely patented technologies while also expanding innovative completions offerings that support the offshore and premium market sectors.
This combination enables the organization to offer its customers one of its leading sources of value-driven solutions.
Backed by growth capital and prepared to build a strong foundation for high-performance manufacturing solutions, VES and ACE will utilize their combined strengths of customer intimacy, operational footprint, and supply chain efficiency to deliver value and improved economics around the world even more effectively.
This acquisition of ACE incorporates best-in-class engineering, supply chain, and technical customer support worldwide. And now, combined with VES, the enterprise positions one of the industry’s strongest product portfolios designed to address the challenges of well installation and completion in increasingly complex and cost-sensitive environments.
Founded in 2012, ACE built a reputation for high-value products with unrivaled customer service and technical support capabilities, with customers worldwide depending on its broadly acclaimed casing accessories and completions product range.
KEY QUOTES:
“Varel Energy Solutions is extremely honored to add the extraordinary people and impressive high-performance culture of Ace Well Technology to our organization. We exist to become the Industry’s Maker of consumable downhole products across the oil and gas and renewable energy sector. We are excited to service our customers more broadly in the offshore and smart completions markets through the proven and credible offerings within the ACE portfolio. Together, I believe we will create more customer value than ever before while bolstering the foundation for a long-standing, sustainable energy products manufacturing business.”
– Derek Nixon, President & CEO of VES
“I am very excited by the opportunities this transaction will create for the employees and customers of Ace Well Technologies. Varel’s extremely strong global presence, commitment to customer service and robust balance sheet will create a platform for even faster growth of our products and people.”
– Stian Anke-Hansen, Chief Executive Officer of ACE
“We are committed to being the leading value creator for consumable downhole products to the industry, period. Today’s announcement represents another hugely important step toward this commitment, and we are very confident our partnership with the employees of ACE will result in significant shared success.”
– Wit LeBlanc, VES’s Chief Financial Officer
