Argonaut Private Equity, a Tulsa, Okla.-based private equity fund, announced the acquisition of the assets of Pioneer Well Services, a subsidiary of Pioneer Natural Resources.
Located in the heart of the Permian Basin, the operation is now doing business as American Well Services and provides well service rigs for workover or completions operations and wellsite support services including, fluid transfer, hot oiling, frac tank rental and wellsite construction. American Well Services announced the retention of substantially all employees related to the operations, and an extensive amount of assets including a fleet of rigs, water hauling trucks, frac tanks, hot oil units, fishing packages and heavy machinery for construction services.
"The acquisition of the Pioneer Well Services assets allows us to partner with one of the premier operators in the Permian Basin in Pioneer Natural Resources, while leveraging our experience in the oil and gas industry and an unlevered balance sheet for American Well Services to continue its track record of providing first-class service and safety," said Steve Mitchell, Argonaut CEO.
American Well Services will partner with existing Argonaut portfolio company, Nichols Oil Tools. The combination of both companies enables additional services to be bundled to provide production and completions solutions for operators in the Permian basin.
"We are beyond excited about the opportunity to continue and build on our relationship with Pioneer," said Kent Easter, Chief Operating Officer for Nichols Oil Tools. "We also look forward to being able to offer the services provided by American Well Services to our existing customer base and any prospective customers of Nichols Oil Tools, creating a better, more streamlined experience to service our customer's needs."
Founded in 2002, Argonaut Private Equity has deployed over $3 billion of capital in direct investments across key industry sectors including manufacturing, industrials and energy services. Simmons Energy | A Division of Piper Sandler(R) served as the exclusive financial advisor to Pioneer Natural Resources on its sale of Pioneer Well Services.
About American Well Services
American Well Services provides well service rigs for workover or completions operations and wellsite support services including, fluid transfer, hot oiling, frac tank rental and wellsite construction. AWS is managed by industry veterans and services blue-chip customers in the Permian Basin with a substantial asset base, strong safety culture and industry-leading operating procedures. American Well Services has partnered with Nichols Oil Tools to provide a full suite of completions and workover solutions to customers in the Permian Basin.
About Argonaut Private Equity
Founded in 2002, Argonaut Private Equity is a Tulsa-based private equity firm with $3 billion of capital deployed in direct investments across key industry sectors including manufacturing, industrials and energy services. Argonaut partners with companies to develop a strategy for accelerating growth and enhancing operations. In 2018, Argonaut raised Argonaut Private Equity Fund IV to continue its history of generating attractive investment returns through a disciplined approach and aligning interests with those of its investors and business partners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210322005681/en/
SOURCE: Argonaut Private Equity
Sheila A. Curley, APR (c) 918-830-3268 (e) Sheila@six-PR.com