THE WOODLANDS, Texas, Aug. 3, 2015 /PRNewswire/ -- Team Oil Tools, LP ("Team") announced today that it has acquired all the outstanding shares of Odessa Packer Services, Inc. ("Odessa" or "OPS"). Founded in 1982, Odessa is a leading oilfield packer and downhole tool service company focused on the Permian Basin market. OPS is based in Odessa, Texas, and provides packers, equipment rental and related services.
Team is focused on the design, manufacture, sale and service of downhole completion products. In October 2014, Team acquired Schlehuber Oil Tools as part of its ongoing effort to grow its Permian operations. Team is backed by Intervale Capital ("Intervale"), a private equity firm which invests exclusively in oilfield manufacturing and service companies.
Adam Anderson, Team's chief executive officer, will oversee the combined business. Anderson has more than 20 years of oilfield service experience managing the completions operations of Baker Hughes International. Anderson commented, "We are very pleased to welcome Odessa's employees to the Team family. The Permian basin is the largest oilfield market in the world and we feel fortunate to be able to expand our presence there with the addition of Odessa."
Steve Hughes and Leonard Neatherlin, Odessa's President and Vice President of Operations, respectively, will manage operations for Odessa and work in close coordination with managers of Team's other Permian locations in Midland, Denver City and Levelland. Hughes and Neatherlin commented, "We're very excited to join Team as an important part of the company's Permian Basin presence. It has been a pleasure getting to know Team management and Intervale. We look forward to working together to better serve our customers in the Permian by providing them a more comprehensive completions product suite."
Tuan Tran, Principal at Intervale Capital added, "We are delighted to partner with the exceptional team at Odessa. The addition of OPS to the Team platform marks an important stage in our efforts to expand our business in the Permian. We are confident that the combination will create compelling cross-selling opportunities and allow Team to better serve its growing Permian customer base."
Acquisition financing was provided by Wells Fargo's Energy Group.
About Team Oil Tools:
Team Oil Tools, LP is designer, manufacturer and distributor of completion products for the oil and gas sector. Team is ISO 9001:2008 certified. Team's core products include ORIO toe valves, packers, composite plugs, swellable packers and patented cemented sleeves for hydraulic fracturing applications. The company is headquartered in The Woodlands, Texas and has manufacturing operations in Conroe, Texas and Bakersfield, California. Team has 12 service centers located in major U.S. oil and gas markets, including the Permian Basin, South Texas, Williston Basin, Mid Continent, Appalachia and ArkLaTex regions. Company website: http://www.teamoiltools.com/
About Odessa Packer Services:
Odessa Packer Services, Inc. provides packers, equipment rental and related service. Products include packers, tubing anchors and accessories. The company is based in Odessa, Texas and services customers in West Texas and Southeastern New Mexico.
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Houston and Boston. Intervale invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised $1.3 billion of committed capital since its inception in 2006 and is currently investing from its third fund.
Intervale portfolio companies include Aegis Chemical Solutions (oilfield chemicals, water treatment and water transfer), Allied Oil & Gas Services (cementing and acidizing services), American Disposal Services (disposal of injectable drilling and production waste), Antelope Oil Tool (casing and cementing products), Certus Energy Solutions (diversified oilfield rental equipment), Energes Oilfield Solutions (well flow control, and safety services), Epic Lift Systems (artificial lift and compression), Flex Energy (natural gas turbines), Team Oil Tools (completions equipment and services), Tier 1 Energy Solutions (wireline and completions in Canada) and TRF Energy Solutions (remote power generation, flare capture and gas fueling).
Contact for Team Oil Tools:
President & Chief Executive Officer
Team Oil Tools
Contact for Intervale:
Tuan D. Tran
SOURCE Intervale Capital