Herkules acquires a majority of Petroleum Technology Company
STAVANGER -- Norwegian private equity fund Herkules has acquired Norwegian-headquartered oilfield technology specialist Petroleum Technology Company (PTC), which has an operating base in Aberdeen.
Herkules has signed an agreement to acquire a majority of the shares in PTC, and will partner to significantly grow the company, which specializes in gas lift and wellhead integrity for the global oil and gas industry.
PTC is experiencing growth and, as part of the deal, almost $21 million will be injected as growth capital. Herkules is partnering with PTC’s current owners, of whom several are key members of the management team. PTC, which was founded in 2002, expects total revenues of approximately $33 million for 2013.