Tier 1 Energy Solutions Inc, which is backed by U.S. energy private equity firm Intervale Capital, has purchased Avenger Oil Tools and its subsidiaries. The financial terms of the acquisition were not disclosed. Based in Calgary, Avenger Oil Tools provides downhole completion tools, drilling tools and related services in the Western Canadian Sedimentary Basin. Update: Tier 1, a provider of a range of wireline and completion tool running services, is based in Edmonton. Earlier in 2014, Intervale created the company in partnership with management.
Tier 1 Energy Solutions acquires Avenger Oil Tools
EDMONTON, Alberta, Nov. 10, 2014 /PRNewswire/ — Tier 1 Energy Solutions, Inc. (“Tier 1” or the “Company”) is pleased to announce it has acquired Avenger Oil Tools and its subsidiaries (“Avenger” or “AOT”). Founded in 2007, Avenger is a leading downhole completion tools and service company operating in the Western Canadian Sedimentary Basin.
Headquartered in Calgary, AOT has field offices in Lloydminster, Brooks, Provost and Swift Current. Tier 1 is a leading provider of wireline and completion services across the Western Canadian Sedimentary Basin. Tier 1 is backed by Intervale Capital (“Intervale”), a private equity firm which invests exclusively in oilfield manufacturing and service companies.
Kevin O’Dwyer, Tier 1’s Chief Executive Officer, will oversee the consolidated business. Mr. O’Dwyer commented, “We are thrilled to partner with Rob Lawrence, Tyler Theberge, Bart Bollinger and the rest of the Avenger team to expand Tier 1’s geographic presence and product offering. Avenger has built its business through best-in-class service professionals and completions expertise and is well-positioned for growth.”
Robert Lawrence, President of Avenger, added, “We are pleased to partner with Tier 1. Tier 1 has experienced exceptional growth and built a blue-chip reputation through top-tier customer service, QHSE culture and professionalism. The combination will expand our product and service suite and allow us to better serve our customers.”
Erich Horsley, Partner at Intervale, added, “The combination of Tier 1 and Avenger is a compelling strategic fit. Tier 1 has grown rapidly since inception and Intervale remains committed to supporting the Company’s continued growth.”
About Tier 1 Energy Solutions:
Tier 1 provides a range of wireline and completion tool services. The Company is headquartered in Edmonton, Alberta, with service centers and sales offices in Grande Prairie, Leduc, Red Deer and Calgary. http://www.tier1energy.ca/
About Avenger Oil Tools:
Avenger Oil Tools was founded in 2007 and specializes in downhole completion tools, drilling tools and related services. Avenger is headquartered in Calgary, Alberta, with service centers in Brooks, Lloydminster and Provost, Alberta and Swift Current, Saskatchewan. http://www.avengeroiltools.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 Aegis Chemical Solutions (production chemicals and water treatment), Allied Oil & Gas Services (cementing and acidizing services), Antelope Oil Tool (casing and cementing products), Certus Energy Solutions (diversified oilfield rental equipment), Energes Oilfield Solutions (well flow control, water transfer and safety services), Epic Lift Systems (artificial lift), Recapture Solutions (flare remediation, power generation and fueling solutions) and Team Oil Tools (completions equipment and services). http://www.intervalecapital.com.
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