NEW YORK, Oct. 31st, 2014 - Basin Holdings US LLC (“Basin Holdings”) today announced the sale of BasinTek LLC (“BasinTek”) and Ascent Coating Technologies LLC (“Ascent”) to Abaco Energy Technologies LLC ("Abaco"). BasinTek and Ascent are owned by Basin Tools LP (“Basin Tools”), a subsidiary of Basin Holdings. Financial terms of the transaction were not disclosed.
BasinTek is a leading manufacturer of drilling motors used in oil and gas exploration activities. Using advanced materials and proprietary simulation technologies, the company engineers and produces rotors and stators for mud motor power sections. Ascent specializes in tungsten carbide coating services, a process that greatly enhances the reliability and durability of drilling tools used in corrosive shale developments.
BasinTek and Ascent were founded in 2010 and 2011, respectively, with growth capital provided by Basin Holdings and affiliates. The businesses were launched to meet North America’s growing demand for improved drilling equipment that requires innovative manufacturing technologies and advanced material sciences to produce. On a combined basis, the companies have over 150 employees and nearly 240,000 square feet of manufacturing facility space in Houston, Texas and Edmonton, Canada.
BasinTek is led by President Leif Syversen. Prior to founding BasinTek, Mr. Syversen was the President of Dyna-Drill Technologies. Post-acquisition, Mr. Syversen will serve as a board member for Abaco.
Mr. Syversen commented: "BasinTek and Ascent have experienced tremendous growth over the last four years due to the quality and advanced technical engineering of our products. Our employees are the best in the business and we look forward to their continued success with the Abaco team."
About Basin Holdings
Basin Holdings is a privately held industrial holding company focused on providing market leading products and services to energy companies around the world. Our talented, experienced managers oversee a global platform that offers supply chain management services, oilfield services and specialty equipment manufacturing. We are focused on long-term economic value creation and community impact. We apply an entrepreneurial mindset to everything we do. Find us at www.basinholdings.com.