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 Top Notch's employees to the Team family. Top Notch's expertise in thru tubing services provides a highly complementary offering to Team's suite of completions and workover services. The acquisition will provide Team the expertise to expand thru tubing operations across its service centers throughout the US."
Terry Bennetsen and Robby Winstead, Top Notch's President and Vice President, respectively, will manage operations for Top Notch and work in close coordination with the management of Team. Bennetsen and Winstead commented, "We're very excited to join Team as an important part of the company's downhole product and service offering. It has been a pleasure getting to know Team's management and Intervale. We look forward to working together to better serve our customers in the Permian and Eagle Ford."
Tuan Tran, Partner at Intervale Capital added, "We are delighted to partner with the exceptional team at Top Notch. The addition of Top Notch's expertise in thru tubing operations to the Team platform marks an important step in our efforts to expand our presence in the 'Plug and Purf' completions space. We are confident that the combination will create compelling cross-selling opportunities and allow Team to better serve its customer base."
About Team Oil Tools:
Team Oil Tools, LP is a designer, manufacturer and distributor of completions products for the oil and gas sector. Team is ISO 9001:2008 certified. Team's core products include ORIO toe valves, packers, composite frac 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 9 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 Top Notch Energy Services:
Top Notch Energy Services, Inc. provides thru tubing, fishing and milling services. The company is based in Corpus Christi, Texas and maintains a service center in Midland, Texas.
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Houston and Boston. Intervale invests primarily in middle-market energy 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 Tier 1 Energy Solutions (wireline and completions in Canada), Aegis Chemical Solutions (oilfield chemicals, water treatment and water transfer), Certus Energy Solutions (diversified oilfield rental equipment), Antelope Oil Tool (casing and cementing products) and Epic Lift Systems (artificial lift and compression), among others.
Contact for Team Oil Tools:
President & Chief Executive Officer
Team Oil Tools
Contact for Intervale:
Tuan D. Tran
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/team-oil-tools-acquires-top-notch-energy-services-300328424.html
SOURCE Intervale Capital