Schoeller Bleckmann acquires majority interest in Resource Well Completions

Schoeller-Bleckmann Oilfield Equipment AG (SBO) announced its acquisition of over 67 per cent of Resource Well Completion Technologies Inc. (Resource), a Canadian oilfield service company.

The purchase price was variable, with a first tranche of $39.3 million paid upon closing and the second tranche, payable at the end of March depending on Resource’s results. SBO has the option to acquire the remaining 33 per cent in Resource after three years.

SBO financed the purchase price out of cash flow and through utilization of existing credit lines.

Resource is a provider of a diverse range of high quality completion, well construction, multi-stage stimulation and well servicing products and systems that efficiently stimulate oil and gas production.

SBO is a provider of high precision parts and a supplier of oilfield equipment for the oilfield service industry, specializing in non-magnetic drilling collar components, high-performance drilling motors and circulations tools for directional and horizontal drilling.

Resource was represented by Bennett Jones LLP by a team led by Brent Kraus and that included Tessa Guenther (corporate/M&A), Alan Rautenburg and Marshall Haughey (tax), John Gilmore (employment) and Roseanne Caldwell (IP). 

Schoeller-Bleckmann was represented by Torys LLP with a team led by Janan Paskaran and that included Amy Maginley, Leah Dickie, Renée Matthews, Megan Kinsella and Eliot Che (corporate/M&A), Ed Fan and Theresa Fauconnier (IP), Andrew Bernstein and Evan Dickinson (litigation), Darryl Hiscocks, Susan Nickerson, Lynne Lacoursiere and Brad Tartick (pensions and employment) and Andrew Wong (tax).