Private equity firm Warburg Pincus said Wednesday it will invest up to $300 million in Rubicon Oilfield International, a start-up oilfield services company.
New York-based Warburg Pincus agreed to a line-of-equity investment of up to $300 million in Rubicon to fund its strategy to build a global enterprise in the oilfield products and equipment sector through acquisitions and organic re-investment.
Houston-based Rubicon intends to acquire, integrate and ultimately enhance small and medium-sized businesses in the upstream oilfield technology sector with a focus on proprietary downhole tools, products and technologies.
Rubicon is currently comprised of five founding members led by CEO Michael Reeves, who brings more than two decades of oilfield experience.
Reeves most recently served as president of Sandvik – Drilling and Completions, where he oversaw all oilfield business lines, including Varel International.
Reeves has also held leadership positions at Schlumberger, National Oilwell Varco and XACT Downhole Telemetry, and has worked in the Middle East, Europe and North America.
John Griggs, formerly a managing director at CSL Capital Management, serves as CFO of Rubicon.
Reeves, Griggs and the rest of the Rubicon leadership team, who contribute operational, commercial, technical and global manufacturing expertise, collectively have more than 85 years of industry experience.
“There is a need for smart, sophisticated technology, products and services in E&P, and Rubicon will address that need by integrating attractive assets to better serve customers,” Warburg Pincus managing director David Krieger said.