The founder of Condor Engineering & Manufacturing, LLC (Condor), based in Denver, CO, has sold the company to National OilWell Varco, Inc. (NOV). Financial details have not been disclosed.
Condor is a private oil field equipment design and manufacturing company making patented hydraulic fracturing blender pumps. The company’s superior closed-tub design allows for very large efficiency gains in frac blending operations while offering significant environmental advantages.
NOV is a global giant in the oil field equipment and component manufacturing and distribution sector. The company provides equipment and components for oil and gas drilling and production. oilfield services and supply chain integration services to the upstream oil and gas industry worldwide.
Condor's founder and majority shareholder, along with his financial partners, were seeking an exit of their ownership interests for diversification. They were also seeking a transaction that allowed for their technology to continue to win market share and move towards becoming a market-leading industry standard. Additionally, under the terms of the transaction, he will remain in the company.
Oaklins' team in Dallas advised the seller in this transaction. A highly selective acquiror pool was identified as being uniquely advantaged strategically to value and promote Condor’s technology. Our team kept the deal progressing even as the final acquiror underwent a large reorganization and corporate spin-off.
Edward J. Dawson
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