Strategic investment to support expansion of leading oil and gas drilling fluid treatment and recovery solutions provider
Boston, November 1, 2010 – Advent International, the global private equity firm, today announced that it has acquired BOS Solutions Ltd. (BOS), a leading full-service provider of drilling fluid treatment and recovery solutions to oil and gas exploration and production (E&P) companies. Along with the acquisition of equity from existing shareholders, Advent has also provided BOS with access to the necessary capital to execute on its growth and expansion strategy. The current BOS management team, led by President and Chief Executive Officer Glenn Leroux, will retain a significant ownership interest in and continue to lead BOS.
Founded in 2001, BOS today has operations in most major North American oil and gas regions and the market for its services is growing steadily as E&P clients strive to manage costs and drill wells with minimal environmental impact. Oil and gas drilling requires the input of large volumes of expensive fluids and also generates significant waste. The BOS solution is an on-site, “closed-loop”, drilling fluid management process that allows E&P operators to significantly increase the recycling of drilling fluids and minimize the amount of waste generated for disposal. Customers, using the solution provided by BOS, are able to eliminate the waste disposal “pit” entirely. Consequently, BOS is able to significantly lower customers’ drilling costs while reducing the physical footprint and environmental effects of the drill location.
“Advent’s investment comes at an important stage in our growth,” said BOS President and Chief Executive Officer Glenn Leroux. “Demand for oil and gas remains strong and concern about the environmental impact of drilling activity has never been greater. Over the past few years, our customers have clearly recognized the value proposition of the technological and service capabilities of BOS, and we are experiencing an incredible demand for our specialized solutions. The added resources and expertise that the Advent team brings to bear will help us meet this demand and continue to grow and expand.”
“The oil and gas services and equipment sector is an important area of focus for Advent globally,” said Advent Managing Partner David McKenna. "Our investment in BOS exemplifies our unique approach to securing attractive investment opportunities in our core industry sectors. We look forward to working with Glenn and his team to realize BOS’ full potential and further expand the Company’s geographic reach, technology and product offerings.”
“BOS provides a differentiated and valuable product and service offering that has been tested across geographies and customers,” said Advent Principal Gurinder Grewal. “BOS not only has what we consider to be the ‘gold standard’ technology for improving drilling fluids management and reducing environmental impact, but it also has a talented group of employees that are focused on exceeding their clients’ expectations. Advent’s investment will enable BOS to deepen its existing client relationships and expand its product and service platform.”
Advent was advised by Weil, Gotshal & Manges LLP (legal) and Fasken Martineau DuMoulin LLP (legal) and BOS was advised by Macleod Dixon LLP (legal).
Advent International has been active in the industrials sector for over 20 years and has invested in over 70 companies globally. Among Advent’s previous investments in the industrials sector is Boart Longyear, the leading provider of drilling services, tools and equipment for the mining, construction, water and environmental industries worldwide, from which Advent exited in 2007. Current industrials sector investments include: Nukem (part of RWE Solutions), a diversified portfolio of energy-related services businesses; ABC Supply, a leading distributor of residential and commercial roofing materials in the United States; Oxea, one of the world's leading manufacturers of Oxo chemicals; and Deutek, Romania’s largest decorative paints producer.