Team Oil Tools, which is backed by Intervale Capital, has acquired Chancellor Oil Tool. Financial terms weren’t announced. Bakersfield, Calif.-based Chancellor is a quick-turnaround maker and installer of liner hangers, liner packers, cement heads, running tools and casing accessories.
THE WOODLANDS, Texas, Sept. 5, 2013 /PRNewswire/ — Team Oil Tools, Inc. (“Team”) has acquired Chancellor Oil Tool, Inc. (“Chancellor”). Founded in 1960, Chancellor is a pioneer in the development and commercialization of liner hangers, cement heads and running tools for the oil and gas industry. Headquartered in Bakersfield, California, Chancellor has built a premium brand through its commitment to customer service, innovation and on-time delivery. Team is focused on the 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 liner hanger operations of Weatherford International, Key Energy Services and TIW Corporation. Cowart commented, “I’m thrilled to partner with Chancellor and Intervale to build a best-in-class completions company. Thomas and Mitch Townsend have assembled an outstanding team of liner hanger experts, and Chancellor is known as a stellar brand in the completions world.”
Thomas Townsend, Chancellor’s president, commented, “The combination with Team makes perfect strategic sense. Team expands Chancellor’s reach through its 10 service centers across major U.S. oil and gas basins and will expand production capacity to accelerate Chancellor’s growth.”
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. 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 Chancellor Oil Tool, Inc.: Chancellor Oil Tool, Inc. is a quick-turnaround manufacturer and installer of liner hangers, liner packers, cement heads, running tools and casing accessories. Chancellor is API Q1 and ISO 9001:2008 certified. The company is based in Bakersfield, Californiaand services customers domestically and internationally. Company website: http://www.chancelloroiltool.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 over $650 million of committed capital since its inception in 2006 and is currently investing from its second fund.
Intervale portfolio companies include Aegis Chemical Solutions (production chemicals), Allied Oil & Gas Services (cementing and acidizing services), Antelope Oil Tools (casing and cementation hardware), Benchmark Completions (casing accessories), Certus Energy Solutions (drill pipe and tubing rental), Proserv Group (subsea equipment and services) and Team Oil Tools (completion tools).