Sidley is representing the sellers, led by private equity firm Buckthorn Partners, in their agreement to sell drilling tech company Coretrax, to energy services firm Expro for approximately US$210 million.
The acquisition, which is expected to close in the second quarter of this year, will see Expro bolster its portfolio of technology-enabled services and solutions.
The total amount to be paid for the acquisition is US$210 million, including approximately US$75 million in cash and newly-issued Expro common shares to the investor group led by Buckthorn Partners.
Since investment from Buckthorn Partners in 2019, Coretrax has experienced a period of sustained growth. Buckthorn Partners is a UK investment firm focused on investing in industrial businesses providing products and services that support the growth and integration of renewable energy, lower emissions, energy efficiency, and improvements to existing energy infrastructure.
The Sidley team is being led by private equity senior managing associate Josh Baxter and partners Paul Dunbar and Dan Graham. The broader team included partners Gabriel Saltarelli, Patrick Harrison, Jason Menzies, Eric S. Wolf, senior managing associates Laurenz Bové and Jonathan Lafferty, managing associates Arabella Robinson, Tom Johnson, Flora Gonzalez, Ellie Verran, Pranith Mehta, associates Stanley Amoah, Ryan B. McLeod, and Fiona Shajko.
