Enteq Upstream was formed in June 2011 and listed on the London Stock Exchange in July 2011. Seed capital was raised from a number of blue-chip institutions. A further fund-raising and the completion of the acquisition of XXT incorporated was announced in May 2012. The further acquisitions of KMServices and Pro-Flow fabrication technologies were completed in July 2012.
The founders of Enteq were the leadership team behind Sondex plc. Sondex was grown, by the current management of Enteq, from a small Private Company through a period of Private Equity ownership to a flotation on the Official List of the London Stock Exchange in June 2003. A number of acquisitions relating to down-hole drilling and intervention technology were made, and substantial growth was achieved by internal product development and an increase in market penetration. In September 2007 Sondex was acquired by GE at a value close to $600m, delivering excellent returns for shareholders.
In 2011, Enteq Upstream was established by Martin Perry with co-founder Raymond Garcia, who had previously been senior VP for the Western Hemisphere at Sondex. Robin Pinchbeck and Iain Paterson, Non-Executive Directors at Sondex, with substantial oil company and oilfield services experience were invited to join the Board of Enteq. Neil Warner, the long term CFO of Chloride, a FTSE 250 company built via a ‘buy and build’ strategy and recently sold to Emerson was invited to join as Chairman of Enteq. Subsequently, Ian Leaman, with considerable transaction and commercial Finance Director experience was invited to become Chief Financial Officer.
The first Enteq acquisition to complete was announced in May 2012.
XXT was founded in 2002 by amongst others, Larry Bulduc and Henry More who continue to operate the business. Previously Larry & Henry had owned and managed QSI which was sold to Tensor and eventually to GE. QSI was a manufacturer of MWD systems in North America.
Since 2003 XXT has been developing the core technologies and firmware which are the building blocks for XXT’s product range. XXT has continually expanded its product range and now has a range of down-hole electronics and sensors for Measurement While Drilling which operate at higher temperatures and in harsh environments. The products are sold to specialist directional drilling service companies in North America.
In July 2012 Enteq announced the acquisitions of KM Services and Pro-Flow.
KM Services and Pro-Flow were both owned, via M&R Industries, in the majority by Kenneth McBryde who established the business in 2003. The business has over 30 years of precision machining experience within the oilfield.
The businesses provide manufactured parts and components for directional drilling service companies, both for Measurement While Drilling and for Mud Motors. The products complement those provided by XXT and the companies share a common customer base.
KM Serices and Pro-Flow have now been re-branded collectively as Enteq-KMS.
Enteq Upstream is investing in broadening the product ranges and market penetration of XXT and Enteq-KMS. Enteq also continues to actively pursue other acquisition opportunities.