CTE Industries Ltd, an Edmonton, Alberta-based manufacturer and supplier of oilfield cementation equipment, has been bought by Antelope Oil Tool & Manufacturing Co LLC. The financial details of the transaction were not published. With headquarters in Mineral Wells, Texas, Antelope is a manufacturer of oilfield casing and cementing products. The company said the acquisition of CTE will extend its geographic presence into Canada and expand its customer base. Antelope is a portfolio investment of energy-focused U.S. private equity firm Intervale Capital. Intervale acquired the business in June 2013.
Antelope Oil Tool Expands Cementing Equipment Product Offering with the Acquisition of CTE
MINERAL WELLS, Texas, April 3, 2014 /PRNewswire/ — Antelope Oil Tool & Manufacturing Co., LLC (“Antelope”) has acquired CTE Industries LTD. (“CTE”). Headquartered in Edmonton, AB, CTE was founded in 2006, and is an independent manufacturer and supplier of oilfield cementation equipment. Its products include float shoes, float collars, cement plugs and centralizers for the global oil and gas industry. CTE also provides premium threading services and supplies steel products, such as mechanical tubing and coupling stock.
Antelope is a leading manufacturer of oilfield casing and cementing products for offshore and onshore 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, commented, “We have been impressed with CTE’s rapidly growing market presence. CTE has established a strong brand globally, best known for its first-class products and reliable service. Following this combination, Antelope will be able to better service our customers by offering a broader product suite.”
Dan Laplante, previously President of CTE, will manage Antelope and CTE’s combined operations in Canada. “Partnering with Antelope is a great outcome for CTE and its employees. We are proud to be a part of the Antelope team and look forward to working with George and his management team,” said Laplante.
“CTE’s brand and products are perfectly complementary to the Antelope platform. CTE presents an exceptional opportunity for Antelope to extend its geographic presence into Canada and expand its customer base. Our highly-qualified engineering team will be able to leverage CTE’s existing product portfolio to develop new, innovative casing hardware and cementing solutions,” added David Nemeskal, Principal at Intervale.
About Antelope Oil Tool & Mfg. Co., LLC:
Antelope 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. Antelope acquired WearSox, L.P. (“WearSox”), a pioneer in the development of thermal spray-on casing centralizers, stop-collars and stabilizers for the offshore oil and gas industry, in 2013. Antelope was founded in 1961 and is based in Mineral Wells, Texas.
Company website: http://www.antelopeoiltool.com/
About CTE Industries LTD:
CTE is a manufacturer and supplier of float equipment, centralizers and premium steel products for the oil and gas sector. The company’s manufacturing facility is located in Edmonton, Alberta, and it has a corporate office in Calgary, Alberta. CTE services customers globally.
Company website: http://cteltd.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 $1.2 billion of committed capital since its inception in 2006 and is currently investing from its third fund.
Intervale portfolio companies include Proserv Group (offshore and subsea equipment and services), TEAM Oil Tools (completions equipment and services), Allied Oil & Gas Services (cementing and acidizing services), Aegis Chemical Solutions (production chemicals and water treatment), Certus Energy Solutions (diversified oilfield rental equipment), EPIC Lift Systems (artificial lift), Tier 1 Energy Solutions (Canadian wireline and completions), Energes Oilfield Services (well flow control, water transfer and safety services) and Antelope Oil Tool (casing and cementing products).
SOURCE Intervale Capital
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