Drilling Tools International, backed by Hicks Equity Partners, acquired RIK, Inc., which rents drilling tools to drilling companies in the U.S. Financial terms of the deal were not disclosed. Shane Bullard, founder of RIK, will join Drilling Tools’ managing team focusing on business development and technical services.
Drilling Tools International, Inc. (DTI), a tool rental company serving the energy industry, has acquired RIK, Incorporated (RIK). DTI is majority-owned by Hicks Equity Partners. Financial terms of the transaction were not disclosed.
Based in Casper, Wyoming, RIK rents downhole drilling tools to directional drilling companies in the U.S. RIK serves customers in the Permian, Denver, Julesburg, Powder River, Piceance, Green River, and Williston basins. It operates out of facilities in Casper, Wyoming and Midland, Texas.
Shane Bullard, founder of RIK, will join the DTI management team in a key role focusing on Business Development and Technical Services for the DTI organization. Mr. Bullard founded RIK in 2010 and has over 27 years of collective experience in the industry.
DTI CEO Wayne Prejean said, “We are excited about the strategic benefits of acquiring RIK. The acquisition will provide additional assets and resources that will be beneficial for the continued growth of our business. Shane’s entrepreneurial spirt and depth of experience, as well as the experience of his employees, will be a welcome addition to the DTI team.”
Mr. Bullard said, “Our entire team is excited to partner with DTI. As we strategically considered the future direction of RIK, it became very clear to us that this is the best path forward for our customers and our employees. DTI shares our commitment to quality and service and provides opportunity for our employees. By integrating ourselves with DTI, we will continue to pursue our commitment to providing customers with the best downhole drilling tools and services available to the market.”
About Drilling Tools International, Inc.
Drilling Tools International (DTI) rents tools to major oilfield services companies, directional drilling companies and exploration and production companies for bottom hole assemblies and tubular goods used in onshore and offshore horizontal and directional drilling. The company’s substantial rental equipment portfolio consists of drill collars, stabilizers, sub-assemblies and other downhole tools in a wide range of sizes made from non-magnetic, nickel-based specialty metal and basic carbon steel. Through its Premium Rental Tools division, DTI also rents drill pipe, tubing workstrings, handling tools and blowout preventers. Based in Houston, Texas, DTI has operating locations in Lafayette, Louisiana, Midland-Odessa, Texas, Oklahoma City, Oklahoma, Casper, Wyoming, Charleroi, Pennsylvania, Bakersfield, California, Watford City, North Dakota, Paradise, Newfoundland Canada, and Edmonton, Canada. For more information on DTI, please visit www.drillingtools.com.
Hicks Equity Partners
Hicks Equity Partners is the private equity arm for Hicks Holdings LLC, a holding company for the Thomas O. Hicks family’s assets. With 40 years of private equity experience, Mr. Hicks pioneered the “buy and build” strategy of investing and founded Hicks Muse Tate & Furst, which raised more than $12 billion of private equity across six funds and completed over $50 billion of leveraged acquisitions. Hicks Equity Partners looks for established companies with proven track records, strong free cash flow characteristics, a strong competitive industry position and an experienced management team looking to partner with long-term capital.