The Simmons Parallel Energy Fund is a private equity co-investment fund managed by Parallel General Partner Limited, based in Guernsey, a wholly owned subsidiary of Piper Sandler Limited. The energy & power team provides portfolio advisory services. The fund invested, alongside other investors, in European-headquartered energy businesses and targeted three main energy sectors:
Oilfield services and technology
Development and opportunities without exploration
Technologies that enable alternative energy
The fund commitments were approximately €50 million and first close occurred in April 2008. The fund is now closed for new investments but has committed capital available to support its portfolio companies.
Current Portfolio Companies
Glacier Energy Services Limited
Glacier is focused on providing specialist services for energy infrastructure internationally. The group consists of the specialist niche services in heat exchangers (design, manufacture and refurbishment), on-site machining services and products, non-destructive testing (“NDT”) and weld cladding overlay welding services. The initial acquisition was made in March 2011 with four follow-on acquisitions made since then to expand Glacier’s offering.
HCS Control Systems Limited
HCS specialises in the design, manufacture, assembly and testing of equipment for subsea production and intervention. HCS’s systems include direct hydraulic production systems, installation and workover (IWOCS) systems, subsea distribution units, and the complete range of topsides equipment for deployment and handling of umbilical systems. Complementing its product offering, HCS offers a range of services from equipment rental of hydraulic testing and flushing units to manpower and welding services. The company is based in Glenrothes, Scotland. The investment in HCS was made in June 2013.
Exited Portfolio Companies
Flexlife Group Limited
Flexlife is an established provider of engineering, design, delivery and integrity services in the specialist areas of flexible pipe and umbilical assets. From its operations in Aberdeen and Houston, Flexlife supports customers to ensure compliance, optimise production, reduce costs and extend the life span of assets. The investment in Flexlife was made in October 2010 and the fund exited to Seanamic Group in October, 2017.
Electro-Flow Controls Group Limited
EFC Group designs, manufactures and installs instrumentation and drilling controls, choke controls, managed pressure drilling systems and mechanical handling equipment for the global oil and gas industry. The investment in EFC was made in December 2009 and the fund exited to a consortium of investors in December 2014.
Xodus Group Limited
Xodus offers engineering and advisory support for oil and gas upstream operators and renewable energy developers globally. The investment in Xodus was made in March 2011 and the company was sold to Chiyoda Corporation in July 2013.
Red Spider Technology Limited
RST is a downhole technology company that provides tools and engineers to the well intervention and completions market. The investment in RST was made in March 2010 and the fund exited to Halliburton in December 2012.
Subocean Group Limited
Subocean was a provider of subsea cable installation to the offshore renewable energy industry. The investment in Subocean was made in December 2009 and the fund exited to Technip in January 2011.