Intervale Capital said June 27 that it recapitalized Pro Oil & Gas Services LLC. Fnancial terms weren’t announced. Pro Oil, of Houston, is a diversified multi-basin completion and drilling services company with operations in West Texas, South Texas, Louisiana, Oklahoma and the Northeast. Pro was advised by Simmons & Company International, Energy Specialists of Piper Jaffray, while Locke Lord LLP, and Winston & Strawn LLP served as legal counsel to management. Choate Hall & Stewart LLP represented Intervale.
HOUSTON, June 27, 2017 /PRNewswire/ — Intervale Capital (“Intervale”), an energy-focused private equity firm, announced today that it has recapitalized Pro Oil & Gas Services, LLC (“Pro” or the “Company”). Proceeds from Intervale’s investment were used to repay indebtedness and provide liquidity to fund growth initiatives.
Pro was founded in 2011 by oilfield entrepreneur Darrell Brewer, who has built and sold several oilfield services companies. Mr. Brewer will continue as CEO of the business and retains a significant ownership stake. Headquartered in Houston, Pro is a diversified multi-basin completion and drilling services company with operations in West Texas, South Texas, Louisiana, Oklahoma and the Northeast. Pro’s current service offerings include wireline, pumping services, flowback, frac stacks, wireline lubricators and pressure control, surface drilling, chemical mixing plants, and torque and test services.
Mr. Brewer commented, “We are excited to partner with Intervale as we position Pro for its next stage of growth. With a refreshed balance sheet, Pro is well positioned to take advantage of the current market environment. Intervale is an ideal partner given their history, experience and network in the oilfield services space.”
Jason Turowsky, Partner of Intervale, stated, “Darrell and the rest of the Pro team have built a strong business that performed well through the downturn with exposure to many of the current trends defining the North American land market – longer laterals, more stages and increasing completion intensity. We look forward to working with Darrell and his team to build a large, diversified and durable business. We believe that Pro can serve as an agent of consolidation across many of its current business lines.”
Pro was advised by Simmons & Company International, Energy Specialists of Piper Jaffray, and Locke Lord LLP, and Winston & Strawn LLP served as legal counsel to management. Intervale was represented by a team from Choate Hall & Stewart LLP.
About Pro Oil & Gas Services:
Pro Oil & Gas Services (formerly Pro Oilfield Services) is an oilfield services company providing wireline, pumping services, flowback, frac stacks, wireline lubricators and pressure control, surface drilling, solids control, chemical mixing plants and torque and test services. The Company is headquartered in Houston, Texas and operates in the Haynesville Shale region of Louisiana, the Permian Basin region of West Texas and New Mexico, the Eagle Ford Shale region of South Texas and the Marcellus Shale and Utica Shale regions of the Northeast.
About Intervale Capital:
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing its third fund.