December 3, 2020

Siena Lending Group LLC Announces the Closing of a $25 Million Credit Facility to Support the Acquisition of the Surface Pressure Control Business Unit of Baker Hughes

Siena Lending Group LLC (“Siena”) announces the completion of a $25 million asset-based revolving line of credit for Vault Pressure Control LLC (“Vault Pressure Control”). The facility was provided in conjunction with Pelican Energy Partners to fund the acquisition as well as for working capital needs to support future growth.

Vault Pressure Control, based in Houston, Texas, was formerly the Surface Pressure Control Flow business unit of the Oilfield Equipment segment of Baker Hughes.  The newly independent company is wholly focused on providing outstanding customer service and world-class products to pressure control customers in the US, Canada, Australia, Papua New Guinea, and Trinidad & Tobago markets.

Dave Grende, President and CEO of Siena, said, “I am extremely proud of our team here and our continued ability to deliver on our commitment.  Even in the current environment and the sector headwinds, our team was able to execute on our original proposal, keeping the proposed structure of the deal as well as getting it to completion in a very tight timeframe of less than 45 days.  We will continue to be a trusted partner to our clients and our intermediaries in keeping with our long standing reputation.”

Mike Scott, Founder and Managing Partner of Pelican Energy Partners said, “Siena has proven to be a great partner for Pelican and for Vault.  Siena consistently did what they said they were going to do and delivered on a tight schedule and in a challenging market environment.  Siena has earned our respect as a partner and we look forward to a long and productive relationship.”