Intervale Capital has bought Allied Oil & Gas Services. Financial terms weren’t announced. Wells Fargo & Co. provided debt financing. Fort Worth, Texas-based Allied Oil provides cementing and acidizing services.
Allied Oil & Gas Services, a cementing and acidizing business headquartered in Fort Worth, Texas, has been acquired by Intervale Capital, a private equity firm focused on investments in middle-market oilfield services companies. With locations in Kansas, Pennsylvania and West Virginia, Allied provides cementing and acidizing services to customers in the Mid-Continent and Marcellus Shale regions. Allied has a broad customer base of exploration and production companies and has distinguished itself as a provider of choice over its 45 year operating history. Wells Fargo & Company provided debt financing to support the transaction.
Allied’s operations will be led by CEO Thomas “Mac” McDaniel and COO Pat Saunders. “The Allied team is extremely excited to partner with Intervale Capital to grow our business. The transaction enables Allied to continue its focus on superior service quality, while investing heavily in new equipment and geographic expansion,” commented Mac McDaniel.
Erich Horsley, a Partner at Intervale Capital, added, “Allied is an excellent fit with Intervale’s strategy of backing differentiated service companies in attractive sub-sectors of the oilfield services industry. We look forward to partnering with management to further accelerate the company’s growth.”
Existing Intervale portfolio companies include Ulterra Drilling Technologies (PDC drill bits and downhole tools), Casedhole Solutions (wireline services), Proserv Group (offshore and subsea equipment and services), Team Oil Tools (completions equipment and services) and Impact Fluid Solutions (drilling fluids additives).
About Allied Oil & Gas Services:
Allied Oil & Gas Services provides cementing and acidizing services, as well as a wide range of float equipment and related products. Founded in 1967, Allied has become a leading independent oilfield services company, providing cementing and acidizing services throughout the industry. Allied built its reputation on customer-focused offerings and the highest standards of service delivery. Allied currently has locations throughout Kansas and in Pennsylvania, West Virginia and Texas. From existing locations, Allied also services customers in Oklahoma, Colorado and Nebraska.
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm, with headquarters in Cambridge, Massachusetts, and an office in Houston, Texas, investing exclusively in middle-market oilfield services companies and related technologies. Intervale’s Fund I closed on $280 million in 2008.