Team Oil Tools, which is backed by Intervale Capital, has purchased the assets of Schlehuber Oil Tools. No financial terms were disclosed. As a result of the transaction, Robert Schlehuber, SOT’s founder and president, will be promoted to regional manager of Team’s Permian operations. Based in Denver City, Texas, Schlehuber is a downhole tools firm that services the Permian Basin.
THE WOODLANDS, Texas, Oct. 7, 2014 /PRNewswire/ — Team Oil Tools, Inc. (“Team”) has acquired the assets of Schlehuber Oil Tools, LLC. (“Schlehuber” or “SOT”). Founded in 2005, Schlehuber is a leading downhole tools company servicing the Permian Basin. Headquartered in Denver City, Texas, Schlehuber provides completion tools, service tools and fishing and rental services. SOT has built a strong brand through its commitment to customer service, safety and on-time delivery. Team is focused on the design, manufacture, sale and service of downhole completion products. Team is backed by Intervale Capital (“Intervale”), a private equity firm which invests exclusively in oilfield manufacturing and service companies.
Byron Cowart, Team’s chief executive officer, will oversee the combined business. Cowart has more than 30 years of oilfield service experience managing the completions operations of Weatherford International, Key Energy Services and TIW Corporation. Cowart commented, “I’m thrilled to partner with Schlehuber and Intervale to expand Team’s reach in the Permian Basin. Robert and Carrie Schlehuber have assembled an outstanding team of completion experts and service professionals, and SOT is well positioned to continue its rapid growth in West Texas.”
As part of the transaction, Robert Schlehuber, SOT’s founder and president, will be promoted to Regional Manager of Team’s Permian operations. Schlehuber commented, “We are extremely pleased to partner with Team and Intervale. They have deep industry expertise and resources necessary to accelerate our growth. Team augments our technology portfolio for downhole completions. Intervale has a proven track record building best-in-class companies in the oil patch.”
Tuan Tran, principal at Intervale Capital added, “The combination of Team and Schlehuber makes perfect strategic sense. Schlehuber enhances Team’s service and distribution capabilities in the Permian. Team will invest in additional service centers in the Permian to better serve the combined customer base and support Schlehuber’s expansion.”
About Team Oil Tools, Inc.:
Team Oil Tools, Inc. is 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. 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 Schlehuber Oil Tools, LLC:
Schlehuber Oil Tools, LLC provides and runs various completion tools including packers, bridge plugs, and tubing anchors. The company also provides fishing and rental services. The company is based in Denver City, Texas and services customers in Texas and New Mexico. Company website: http://www.schlehuberoiltools.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 (production 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) and Recapture Solutions (flare remediation and power generation).