Intervale Capital has acquired Antelope Oil Tool & Manufacturing Co. Financial terms weren’t announced. Mineral Wells, Texas-based Antelope makes oilfield casing and cementing products. George Ribble was named Antelope’s president and CEO.
MINERAL WELLS, Texas, June 19, 2013 /PRNewswire/ — Intervale Capital (“Intervale”) has acquired Antelope Oil Tool & Manufacturing Company. Antelope is a leading manufacturer of oilfield casing and cementing products, including centralizers and stop collars, for onshore and deep water applications globally. Intervale is a private equity firm which invests exclusively in oilfield manufacturing and service companies.
In association with the transaction, George Ribble has been named President and Chief Executive Officer of Antelope. George joins Antelope after having spent 16 years helping build Weatherford International into a leading player in casing hardware, most recently as Weatherford’s Global Product Line Manager of Cementation Equipment. George has prior oilfield and casing equipment experience at Enerpro International, Baker Oil Tools, Vann Tool Company and Schlumberger.
George Ribble commented, “I’m thrilled to partner with Antelope’s existing management team and Intervale to begin a new phase in the company’s history. Antelope has world-class products and some of the industry’s best cementing technology, particularly for ultra-tight tolerance, deep water applications. We have the team and product suite in place to make a significant impact in both the offshore and land markets.”
Charles Cherington, Managing Partner of Intervale, added, “We plan to build on Antelope’s strong reputation and bring the company’s products to new markets and new customers. George Ribble has deep experience in the manufacturing of centralizers, and we believe he will be an excellent leader for Antelope.”
Casing and cementing hardware represent a ~$1.5 billion market globally that has grown at a ~12% compounded annual growth rate since 2005, according to Spears & Associates.
About Antelope Oil Tool & Manufacturing Company:
Antelope Oil Tool 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. The company was founded in 1961 and is based in Mineral Wells, Texas.
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 over $650 million of committed capital since its inception in 2006 and is currently investing from its second fund.
Intervale portfolio companies include Allied Oil & Gas Services (cementing and acidizing services), Team Oil Tools (completion tools), Aegis Chemical Solutions (production chemicals), Certus Energy Solutions (drill pipe and tubing rental) and Proserv Group (subsea equipment and services).