GTCR Announces Partnership with Ken MacDonald to Form ReSurge Ltd.
CHICAGO, June 2, 2009 – GTCR, one of the leading private equity firms in North America, today announced it has entered into a partnership with Ken MacDonald to form ReSurge Ltd. ReSurge, headquartered in Calgary, Alberta, will focus on creating a leading seismic data licensing company in Western Canada. GTCR plans to invest up to $150 million of equity capital to support management’s strategy. Mr. MacDonald will serve as Chief Executive Officer of ReSurge.
Ken MacDonald, a 35-year seismic industry veteran, is the co-founder and former President and Chief Executive Officer of Pulse Data, Inc. (TSX: PSD), a seismic data licensing company providing 2D and 3D seismic data. Under Mr. MacDonald’s leadership, Pulse grew from a small joint venture to a leading company with the second largest seismic data library in Canada. During Mr. MacDonald’s tenure as President and CEO free cash flow grew from less than C$1 million to over C$25 million primarily through selective data acquisitions.
Ken will be joined by two well respected industry veterans in this partnership: David Smiddy, as Vice President of Finance and CFO, and Andy Vernon as Vice President of Sales & Marketing. Both individuals worked with Ken at Pulse and were instrumental in the success of that company.
Mr. Smiddy is a senior executive with broad hands-on financial and operational management experience. He has a proven history of successfully executed business strategies and has been in the Canadian seismic and oil and gas industry for 27 years.
Mr. Vernon has extensive sales, marketing and planning experience and has earned an excellent reputation in the Canadian seismic industry over the past 25 years.
“I am excited to have this opportunity to build a successful seismic data company,” said MacDonald. “The current economic environment presents certain challenges to seismic data companies but also creates many opportunities. I have known GTCR for a number of years and I firmly believe they will be the ideal partner for creating this leading platform. I am also looking forward to the opportunity to work with Dave and Andy again as we build another successful company.”
“We have known Ken since his time at Pulse and we have tremendous respect for what he was able to do with that business,” said Phil Canfield, a Principal at GTCR. “Ken showed that he is capable of creating a leading seismic data library and we think his track record of emphasizing measured growth through selective, high quality acquisitions makes him well suited to execute his plan.”
“Ken is highly regarded in the industry and his reputation and relationships will be critical to building the ReSurge platform,” added GTCR Vice President Mark Anderson. “Ken has experience growing a data library during uncertain periods and we believe the current environment will afford attractive opportunities. We are excited to partner with Ken to replicate his past success.”
About ReSurge Ltd.
ReSurge Ltd, headquartered in Calgary, Alberta, is a company focused on acquiring and licensing seismic data assets in Western Canada. For more information about ReSurge contact:
Ken MacDonald: Phone (403) 457-5839 or email Ken.MacDonald@ReSurgeLtd.com
Dave Smiddy: Phone (403) 457-5840 or email Dave.Smiddy@ReSurgeLtd.com
Andy Vernon: Phone (403) 457-5841 or email Andy.Vernon@ReSurgeLtd.com
Founded in 1980, GTCR Golder Rauner, LLC is a private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.