Victory Park Capital (VPC), an asset management firm focused on middle-market debt and equity investments, and Surefire Industries USA, LLC announced today that VPC has acquired substantially all of the assets of Surefire Industries USA.
Based in Houston, Texas, the company is a leading manufacturer and global supplier of mission-critical equipment and solutions for onshore and offshore hydraulic fracturing, coiled tubing, cementing, nitrogen and fluid pumping services. The terms of the transaction were not disclosed.
The new entity, which initially will operate under the name Surefire Industries, LLC (Surefire), will benefit from seasoned executive leadership and a strong capital base to support future operations and strategic growth initiatives. Surefire will be led by President C. Jim “Jamie” Stewart, IV and will be supported by more than 150 employees located in Houston and Dallas.
“Surefire represents an excellent opportunity for VPC to leverage its experience in the energy and oilfield services sectors,” said Derek Ferguson, Vice President with VPC. “We see significant opportunity for Surefire as a company with a strong balance sheet and innovative equipment designs. The company has an experienced management team and a highly skilled employee base committed to developing Surefire into a world-class supplier of diversified equipment and solutions for the global pressure pumping industry.”
President Jamie Stewart noted that, “The asset purchase by VPC puts an end to a challenging 12 months and affords us a new start with a new balance sheet. The professionals at VPC understand our business, our customer base, and what’s required to ensure that our business remains at the forefront of the pressure pumping equipment and services industry. The transaction affords us the opportunity to execute our strategic growth initiatives, which are based upon a deep commitment to provide the best service and equipment possible to our loyal customer base.
“With a new entity and knowledgeable strategic and operational support from VPC, we are confident that we can outrun our competition in the marketplace and restore Surefire as an entity capable of achieving extraordinary results for all of our stakeholders.”
Press Release, April 03, 2014