Drilling Systems
Convex Capital announces that it structured and led the multi-million pound sale of the World’s leading oil simulation technology business, Drilling Systems, to UK based Private Equity firm Blue Water Energy.
Mike Driver, Chris Froggatt and Nathalie Hodgkinson worked on the deal to sell the £9m EBITDA business and delivered 100% of the consideration on completion. Senior VP James Edge and Partner Mike Driver originated the deal. The transaction underlines Convex Capital’s excellence in successfully completing transactions for Entrepreneurs despite the toughest oil price environment for years and further emphasises the team’s ability to find great partners for their clients.
Drilling Systems was founded by Julian Jones in 1988 and employs 100 people. The Company dominates the worldwide oilfield training simulation market and its existing client portfolio is a who’s who of multinational petroleum industry conglomerates. The impact that Drilling Systems has had on training and competency, efficiency and profitability in the oil industry over the last 27 years is huge.
Clive Battisby, the newly appointed CEO of Drilling Systems will steer the company under the new ownership and Blue Water Energy is an excellent partner, investing exclusively in the energy sector.
The Convex difference: the oil price halved during the process, truly testing our ability to get the deal done
“Convex dragged the deal back from the dead twice, that’s when you know you’ve chosen the right advisor.”
Julian Jones, Founder
Deal Value: £62m
