Antelope Oil Tool acquires WearSox
HOUSTON, Nov. 4, 2013 /PRNewswire/ -- Antelope Oil Tool & Manufacturing Co., LLC ("Antelope") has acquired WearSox, L.P. ("WearSox"). Founded in 2004, WearSox is a pioneer in the development of thermal spray-on casing centralizers, stop-collars and stabilizers, primarily for deep water and other highly technical oil and gas applications. WearSox's patent-protected process is unique in the industry, allowing for shapes to be built directly onto casing or other downhole products at low temperatures, avoiding any impact to the metallurgical properties of the base material. Headquartered in Houston, Texas, WearSox has built a premium brand through its commitment to innovation and quick-turnaround service.
Antelope is a leading manufacturer of oilfield casing and cementing products for onshore and deep water applications globally. Antelope is backed by Intervale Capital ("Intervale"), a private equity firm which invests exclusively in oilfield manufacturing and service companies.
George Ribble, Antelope's chief executive officer, will oversee the combined business. Ribble joined Antelope after having spent 16 years helping build Weatherford International into a leading player in casing hardware, most recently as Weatherford's Global Product Line Manager of Cementation Equipment. Ribble commented, "WearSox is a unique solution for quick-turn, deep water centralization and other technically challenging applications. We are thrilled to partner with such a dynamic company and outstanding team. We look forward to bringing a range of innovative centralization products to market using the expertise of both WearSox and Antelope."
John Gammage, WearSox's president, commented, "The combination with Antelope makes perfect strategic sense. Antelope brings to WearSox a wealth of technical knowledge accumulated over its 52 year operating history. Antelope's expertise and resources will allow us to better serve our customers and accelerate growth."
"WearSox expands Antelope's presence in close-tolerance centralization, a rapidly growing market that is critical to drilling and completing wells safely in highly technical environments, particularly in ultra-deep water. Management expects to grow WearSox by expanding its sales force and manufacturing capacity, and entering new markets overseas," said Tuan Tran, Principal at Intervale.
Antelope and WearSox participate in the $1.5 billion casing and cementation hardware market, which has grown at a 12% compounded annual growth rate since 2005, according to Spears & Associates.
About Antelope Oil Tool & Manufacturing Co., LLC:
Antelope Oil Tool is an industry-leading designer, manufacturer and seller of patented casing and cementing products for the oil and gas sector. Antelope's core products include casing centralizers (tight tolerance, rigid, bow spring, welded-bow, tubing and non-weld) and related accessories including stop collars, wall scratchers, wall wipers and cement baskets. The company was founded in 1961 and is based in Mineral Wells, Texas. Company website: http://www.antelopeoiltool.com/
About WearSox, L.P.
WearSox is a manufacturer of centralizers, stabilizers and stop collars for cementation and casing-while-drilling applications. WearSox employs a patent protected thermal-spray method to build forms directly onto casing and downhole tools. The company is based in Houston, Texas and services customers globally. Company website: http://www.wearsox.com/
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Boston and Houston. Intervale invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised over $650 million of committed capital since its inception in 2006 and is currently investing from its second fund.
Intervale portfolio companies include Aegis Chemical Solutions (production chemicals), Allied Oil & Gas Services (cementing and acidizing services), Antelope Oil Tools (casing and cementation hardware), Benchmark Completions (casing accessories), Certus Energy Solutions (drill pipe and tubing rental), Proserv Group (subsea equipment and services) and Team Oil Tools (completion tools).
Tuan D. Tran
SOURCE Intervale Capital