Press Release: Advent International Finalizes Acquisition of P2 Energy Solutions11/01/2013
Advent invests in P2’s ongoing vision to empower upstream oil and gas companies
DENVER, CO – (Nov. 1, 2013) – P2 Energy Solutions (“P2”) today announced that Advent International’s acquisition of P2 has been completed. The transaction joins together one of the largest and most experienced global investors with the leading provider of technology and software solutions built for the upstream oil and gas industry. The new partnership enables P2 to make continued investments in its 1,500-plus customers, existing solutions, new product development initiatives and global expansion.
Advent, one of the technology sector’s leading investors, will work with P2’s existing management team to pursue continued growth for P2. Of the acquisition, P2 President and CEO Charles Goodman said, “Advent’s investment in P2 marks an important milestone in our history. We are privileged to have such an experienced and dedicated investor with a proven track record of success.”
Added Eric Wei, a Principal at Advent, “P2 has a clear vision and a strong plan in place to help oil and gas companies not only today, but for years to come. We are excited about this vision and look forward to working with the team at P2.”
Advent’s initial announcement that it had signed an agreement to acquire P2 came on Oct. 7, 2013. Vista Equity Partners, a private equity firm based in Austin, Texas, had owned P2 since June 2008.
About P2 Energy Solutions
P2 Energy Solutions is the only technology company that provides a comprehensive range of software, geospatial data, land management tools, and outsourcing to the energy industry. More than 1,450 companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. P2's core focus is the upstream oil and gas industry. P2's solutions are flexible and extensible and have been adopted by customers in manufacturing, midstream oil and gas, mining and minerals. With more than 80 years of experience in data and 30 years in software, P2 has offices around the world, and employs over 700 people. For more information, visit www.p2energysolutions.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has invested in more than 280 buyout transactions in 36 countries, achieving over 230 full or partial exits, and today has approximately $32 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on buyout and strategic repositioning transactions across five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms. After 29 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for portfolio companies. For more information, visit www.adventinternational.com.