Avista Capital To Collect Alberta-Based Cement-Casing Business
To acquire company that designs & manufactures specialized casing cementing products for international energy industry.
Houston-based private-equity firm Avista Capital Partners plans to buy privately held, Edmonton, Alberta-based Top-Co Inc. for an undisclosed price.
Top-Co designs and manufactures specialized casing cementing products used in the drilling and completion of oil, natural gas and geothermal wells. The company provides services to E&Ps, national oil companies, multinational service companies and North American and international agents and distributors.
Avista energy industry advisor Trevor Turbidy says, “With its highly experienced management team led by Gerald McLaughlan, the company’s robust casing hardware product offering, technology-driven client focus and best-in-class testing facility, Top-Co is well positioned to continue to capitalize on several key oil and gas industry trends, including increased horizontal drilling, longer laterals, deeper wells and a greater number of frac stages per well, all of which will increase demand for the company’s products.”
Top-Co chief executive Gerald McLaughlan, CEO of Top-Co, said, “Our company has systematically prepared for profitable growth in domestic and international markets, and the active participation of Avista Capital Partners will enhance our ability to execute key strategies and meet our goals. Avista’s support, international experience and energy sector expertise will be invaluable as we capitalize on attractive opportunities in our niche domestic and international markets, facilitated by the near-term commercialization of a state-of-the-art manufacturing facility in China.”
CIBC World Markets Inc. is financial advisor and Burnet, Duckworth & Palmer LLP is legal advisor to Top-Co. Weil, Gotshal & Manges LLP and McCarthy Tétrault LLP are legal advisors to Avista.
The deal is expected to close in the second quarter.