Intelligent Wellhead Systems receives $35 million in investments by Pason Systems and Werklund Growth Fund

1 minute read
02 October 2019

On Oct. 2, 2019, Pason Systems Inc. ("Pason") (TSX: PSI) announced that it had entered into an agreement to invest $25 million to acquire a minority interest in Intelligent Wellhead Systems Inc. ("IWS"). Along with Pason's investment, Werklund Growth Fund L.P. ("WGF") acquired an additional $10 million of equity in IWS.

IWS is a privately-owned oil and gas technology and service company that provides proprietary and unique surface control systems for various markets globally, including unconventional shale, subsea intervention, critical well intervention, and offshore operations. Pason is a leading global provider of specialized data management systems for drilling rigs. WGF, one of Canada's largest privately-owned investment funds, is a private equity and venture capital fund managed by WFO.

Gowling WLG advised IWS with respect to these investments with a team that included Greg Peterson, Jason Mullins and Simanpreet Panaych (corporate/M&A) and Timothy Bailey (IP).

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