Mark Crews Joins Summit Partners to Pursue Opportunities in the Oilfield Services Sector
BOSTON, Mass. and MENLO PARK, Calif., January 17, 2014-- Summit Partners, a global growth equity investor, today announced that Mark Crews has joined the firm as an Executive Partner. Mr. Crews will partner with Summit to build leading, technology-enabled oilfield products and services businesses of scale. In this role, he will help identify opportunities and assist in the value creation process post-investment.
“Summit Partners has deep sector expertise in the energy and technology industries,” said Summit Principal Jay Pauley. “The North American energy market is an attractive growth segment of the economy, and we’re excited to work with Mark to invest in the leading energy technology and service companies that are redefining this sector. We are actively looking for acquisitions and believe there are a number of compelling investment opportunities in the market. ”
Mr. Crews brings more than three decades of international experience in the oilfield products, services and technology industry. Most recently, Mr. Crews worked at Lufkin Industries as Senior Vice President and General Manager of the Oilfield Division, responsible for all manufacturing, sales, service and engineering operations worldwide. During his five-year tenure, Mr. Crews developed and implemented an aggressive global growth strategy for the Artificial Lift business segment and increased revenue from $360 million to $1.2 billion, culminating in the sale of the company to GE Oil & Gas for $3.3 billion. Prior to Lufkin, he was employed by Cameron International Corporation (NYSE: CAM) where he served most recently as Vice President, Subsea Technology. In addition, Mr. Crews held a number of domestic and international executive management positions with Cameron during his three-decade career at the company.
“The technological innovation that is redefining the North American energy market is in the early stages of being exported to the rest of the world. As a result, the opportunity to build leading energy product and technology companies has never been better,” said Mr. Crews. “Summit Partners has a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions, and I am thrilled to work with Summit.”
“We are very excited to partner with Mark to build a market-leading oilfield business,” added Summit Managing Director Chris Dean. “Mark and his team were very successful in building Lufkin into one of the fastest-growing companies in the artificial lift sector. Mark’s industry expertise, strategic vision and operational abilities make him an ideal teammate as Summit commits to a new partnership in the energy sector.”
Mr. Crews holds a B.S. degree in Mechanical Engineering from Texas A&M University and is a graduate of the Harvard Business School Program for Management Development.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital, and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 380 companies in technology, energy and other growth sectors. These companies have completed more than 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Notable energy technology and services companies financed by Summit Partners include FleetCor Technologies, Welltec International, Peak Well Systems, Clean Harbors, BHI Energy, Simulation Sciences, and TransEnergy. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
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