Innovex Downhole Solutions, which is backed by Intervale Capital, has acquired the assets of Midland, Texas-based Buckhorn Casing Equipment LLC, a provider of casing equipment. No financial terms were disclosed.
HOUSTON, Sept. 28, 2018 /PRNewswire/ — Innovex Downhole Solutions, Inc. (“Innovex”) announced today that it has acquired the assets of Buckhorn Casing Equipment, LLC (“Buckhorn”). Founded in 2013, Buckhorn is a leading provider of casing equipment, including float equipment, inflatable packers, stage tools, centralizers, and related products to customers in the Permian Basin. Buckhorn is headquartered in Midland, Texas.
Innovex is a leading provider of innovative downhole products and technologies for the oil and gas industry. Innovex designs, manufactures, and installs a range of mission-critical well construction and well completion solutions for onshore and offshore operators in major producing regions worldwide. The company has been backed since 2008 by Intervale Capital (“Intervale”), a private equity firm that invests in oilfield manufacturing and service companies.
Adam Anderson, Innovex’s Chief Executive Officer (“CEO”), will oversee the combined business. Anderson has more than 20 years of oilfield service experience managing the completions operations of Baker Hughes International and formerly served as CEO of Team Oil Tools. Anderson commented, “We are very pleased to welcome Buckhorn’s employees to the Innovex family. Buckhorn’s expertise in casing equipment complements and enhances Innovex’s existing well construction product offering. We look forward to offering Innovex’s full suite of solutions to operators that have come to rely on Buckhorn’s strong execution and service in the Permian Basin.”
John Brown, Buckhorn’s President who co-founded the company in 2013 with Matthew Swierc and Jeremy DeWitt, will join the Innovex team and will work in close coordination with Innovex’s management to ensure the continued success of Buckhorn’s operations. Brown commented, “We’re excited to join Innovex as an important part of the company’s downhole product and service offering. It has been a pleasure getting to know Innovex’s management, and we look forward to working together to better serve our customers in the Permian.”
Tuan Tran, Partner at Intervale Capital added, “We are delighted to partner with the exceptional team at Buckhorn. The addition of Buckhorn’s expertise in casing equipment to the Innovex platform marks an important step in our efforts to expand our presence in the well construction space.”
About Innovex Downhole Solutions:
Innovex Downhole Solutions, Inc. designs, manufactures, and installs a range of mission-critical well construction and well completion solutions for onshore and offshore operators in major producing regions worldwide. Innovex’s core products include SWAGETM dissolvable frac plugs, WearSox® deepwater centralization products, ORIOTM toe valves, TOMCATTM composite frac plugs, Ranger / Scout liner hanger systems, thru tubing services, CentraMax centralizers, float equipment, stage cementing tools, and inflatable packers. The company is headquartered in Houston, Texas and has service centers located in all major U.S. oil and gas basins and in Saudi Arabia. Company website: http://www.innovexdownhole.com/
About Buckhorn Casing Equipment:
Buckhorn Casing Equipment, LLC provides casing equipment, including float equipment, inflatable packers, stage tools, centralizers, and related products, to customers in the Permian Basin. The company is based in Midland, Texas.
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Houston and Boston. Intervale invests primarily in middle-market energy services and manufacturing companies and related technologies. The firm has raised $1.3 billion of committed capital since its inception in 2006 and is currently investing from its third fund.
Intervale portfolio companies include Enercorp Sand Solutions, Aegis Chemical Solutions, Epic Lift Systems, Milestone Environmental Services, Certus Energy Solutions, among others.