Team Oil Tools, a portfolio company of Intervale Capital, has hired Adam Anderson as CEO. The appointment becomes effective immediately. Prior to joining Team Oil Tools, Anderson worked at Baker Hughes where he held a number of positions that included vice president of US Land Completion Tools. Headquartered in The Woodlands, Texas, Team Oil Tools is a producer of completion products for the oil and gas industry.
THE WOODLANDS, Texas, Dec. 11, 2014 /PRNewswire/ — The Board of Directors of Team Oil Tools, Inc. (“Team” or the “Company”) is pleased to announce the appointment of Adam Anderson as Chief Executive Officer, effective immediately. Anderson joins Team following a successful career at Baker Hughes, Inc. where he held multiple senior-level positions, including VP of US Land Completion Tools and VP Western US for all product lines. Anderson will be based at the Company’s headquarters in The Woodlands, Texas.
During his tenure with Baker Hughes, Anderson successfully managed multiple large service organizations and gained valuable experience as the District/Product Line Manager for Saudi Arabia, VP of Investor Relations and Product Line Manager for Intelligent Wells. Anderson succeeds Byron Cowart as Chief Executive Officer of Team. Cowart will become Chairman of the Company’s Board of Directors and serve in an advisory role.
“Team has a differentiated product portfolio and has built a track record of success in the completions space. I am honored to have the opportunity to lead an organization of exceptionally talented individuals as we seek to capitalize on the vast opportunities available to the Company,” Anderson said.
Byron Cowart, former Chief Executive Officer, said, “I have come to know Adam quite well in recent months and look forward to working with him in my new role. I am pleased to leave the company and its employees in Adam’s capable hands. I would like to thank all of the employees of Team for making the last two years among the most satisfying and memorable of my career.”
Charles Cherington, Managing Partner at Intervale Capital added, “We are pleased to announce Adam’s appointment as Chief Executive Officer. Adam has an impressive pedigree, and we believe he will continue to produce outstanding results as CEO of Team Oil Tools. We thank Byron for his service to the Company and would like to congratulate him on his new role as Chairman.”
About Team Oil Tools, Inc.:
Team Oil Tools, Inc. is a designer, manufacturer and distributor of completion products for the oil and gas sector. Team is ISO 9001:2008 certified. Team’s core products include ORIO toe valves, packers, composite plugs, swellable packers and patented cemented sleeves for hydraulic fracturing applications. The Company is headquartered in The Woodlands, Texas and has manufacturing operations in Tulsa, Oklahoma, Conroe, Texas and Bakersfield, California. Team has 10 service centers located in major U.S. oil and gas markets, including the Permian Basin, Eagle Ford, Mid Continent, Utica, Marcellus and Haynesville.
Company website: http://www.teamoiltools.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 Proserv Group (offshore and subsea equipment and services), TEAM Oil Tools (completions equipment and services), Aegis Chemical Solutions (oilfield 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), Tier 1 Energy Solutions (Canadian wireline and completions), American Disposal Services (oilfield waste solutions) and TRF Energy Solutions (flare remediation, power generation and fueling solutions).