Siena Lending Group provided a $25 million asset-based revolving line of credit for Pelican Energy Partners’ acquisition of Vault Pressure Control.
Based in Houston, Vault Pressure Control was formerly the surface pressure control flow business unit of the oilfield equipment segment of Baker Hughes. The newly independent company will serve customers in the U.S., Canada, Australia, Papua New Guinea, and Trinidad and Tobago markets.
“I am extremely proud of our team here and our continued ability to deliver on our commitment. Even in the current environment and the sector headwinds, our team was able to execute on our original proposal, keeping the proposed structure of the deal as well as getting it to completion in a very tight time frame of less than 45 days. We will continue to be a trusted partner to our clients and our intermediaries in keeping with our long-standing reputation,” Dave Grende, president and CEO of Siena Lending Group, said.
“Siena has proven to be a great partner for Pelican and for Vault. Siena consistently did what they said they were going to do and delivered on a tight schedule and in a challenging market environment. Siena has earned our respect as a partner and we look forward to a long and productive relationship,” Mike Scott, founder and managing partner at Pelican Energy Partners, said.
