Canada-based Wireline Works, which was founded in 2003 and has remained privately held, sells single-conductor logging cables. The company has expanded rapidly during a strong oil and gas exploration market. Wireline Works is expanding in the open hole market this year.
The deal comes just weeks after WRCA’s owners, KPS Special Situations Fund II, sold the firm to another venture capital firm Fox Paine Management. KPS purchased WRCA in July of 2003. The deal was announced in November and closed February 8.
WRCA employs approximately 1,500 people and is headquartered in St. Joseph, Missouri, with manufacturing plants, distribution facilities and research and development centers in the U.S. and Mexico. In June, the company also formed a joint venture to build a state-of-the-art wire rope mill in Wuhan, China.
Ira Glazer will continue to lead the Company as WRCA’s President and Chief Executive Officer. “We will continue our aggressive plans to expand through widening our range of products and services as well as executing targeted, strategic acquisitions,” he said.
The existing Wireline Works management and sales team will remain in place. Bill Roberts and Rejean Lavoie have both been named as vice presidents of WRCA. Roberts will continue to serve as Sales Manager for Wireline Works and Lavoie will be Vice President of Operations.
Augusto Hoyos, who has managed the manufacturing operations since the Wireline Works began, will continue in his role as General Manager of the Calgary facility. Terry Moffatt, Wireline Works founder, has chosen to resign.
Glazer commented, “We congratulate Terry on his accomplishments and thank him for building such a strong management team. We wish him the very best in his future endeavors.”
Through its Camesa division based in the Houston, Texas area, WRCA sells a line of single and multi-conductor cables, including many utilizing specialty steels for armoring. Both entities will continue to operate independently as they have in the past.
