U.S. energy-focused private equity firm Intervale Capital has invested alongside a management team to create Tier 1 Energy Solutions Inc, a provider of wireline and completion tool running services based in Edmonton, Alberta. The financial terms of the transaction were not published. Tier 1 currently has operations and sales offices in Nisku, Grande Prairie and Calgary. Intervale said the company has plans to expand its footprint to include the most active oil and gas producing regions in the Western Canadian Sedimentary Basin. Kevin O’Dwyer leads Tier 1 as its CEO.
Intervale Capital Backs Tier 1 Energy Solutions
EDMONTON, Alberta, Feb. 4, 2014 /CNW/ – Intervale Capital (“Intervale”), an energy-focused private equity firm, has invested alongside a veteran management team to form Tier 1 Energy Solutions, Inc. (“Tier 1”). Tier 1 provides wireline and completion services, and is headquartered in Edmonton, Alberta. Tier 1 currently has field operations in Nisku and Grande Prairie and a sales office in Calgary. The company plans to expand its footprint to include the most active oil and gas producing regions in the Western Canadian Sedimentary Basin.
Kevin O’Dwyer serves as Tier 1’s Chief Executive Officer. He brings over 30 years of oilfield service experience to the company, and joins a team of veteran operational and sales professionals. Mr. O’Dwyer commented, “Given increasing customer focus on efficiency and reliability during the well completion process, the Tier 1 team is eager to provide wireline and completion services with premium equipment and industry-leading service quality. The inbound response from customers to date has been tremendous.”
Erich Horsley, Partner at Intervale, added, “We are excited to back a top-notch management team with deep industry experience. Through a consistent focus on operational excellence, Kevin and his team have established an outstanding reputation with Canadian exploration and production companies over the course of their careers. We are committed to supporting Kevin and his team as they grow the business.”
Current Intervale portfolio investments 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) and Antelope Oil Tool (casing and cementing products).
About Tier 1 Energy Solutions:
Tier 1 provides a range of wireline and completion tool running services. The company is headquartered in Edmonton, Alberta, with operations and sales offices in Nisku, Grande Prairie and Calgary. http://www.tier1energy.ca/
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. http://www.intervalecapital.com
SOURCE Intervale Capital
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