Tejas Research & Engineering LP, a Houston-based provider of design, engineering and testing services to the completions segment of the oilfield services market, has acquired Team Oil Tools, a Tulsa-based manufacturer of packers and down-hole completion tools. The deal was financed by Tejas sponsor Intervale Capital. No pricing terms were disclosed.
Tejas Holdings has acquired the assets of Tulsa-based Team Oil Tools (“Team”) in a transaction sponsored by Intervale Capital (“Intervale”). The combined businesses will be rebranded as Tejas Completion Solutions (“Tejas”).
Team Oil Tools is a highly respected independent manufacturer of packers and down-hole completion tools. Team was founded in 1997 by Mike Sommers and Don Tinker, both of whom were previously associated with Arrow Oil Tools. Sommers will become Tejas’ Vice President of Packer Systems Development and Tinker will oversee Team’s existing U.S. Service Centers.
Tejas CEO Thomas Hill commented, “We are excited to partner with Team Oil Tools to broaden our completion products and services offering. The acquisition allows Tejas to continue its commitment to technological excellence for our completion customers. The combination leverages the manufacturing and distribution capabilities of Team and the design, engineering and testing resources of Tejas, enabling Tejas to be a leading, integrated supplier of down-hole completion products.”
Curtis Huff, a Managing Partner at Intervale added, “The acquisition of Team expands Tejas’ addressable market in the U.S. to the growing extended-reach horizontal shale plays. We see tremendous potential in Team’s multi-stage, open-hole T-Frac(TM) zonal isolation systems.”
Tejas Completion Solutions now provides a full range of down-hole packer and wellbore isolation products, standard and premium sand screen products, API-6A Merla(R) production chokes and Hemiwedge(R) flow control valves, as well as various gas lift and chemical injection valves. Tejas will continue to provide customers with engineering and HPHT testing services through its research lab in The Woodlands, Texas. Tejas is also commissioning a new 27,000 square foot manufacturing facility in Houston, Texas.
About Tejas Completion Solutions:
Tejas was formed in September 2000 by Thomas Hill, Cecil McGavern, and Winfield Sides, key members of Schlumberger’s Camco completions engineering team, to create an innovative completions company and develop API-14A subsurface safety valves. Tejas also provides API-6A Merla chokes and Hemiwedge flow control valves. Tejas’ engineering team consists of thirteen engineers and designers with an average of over 20 years of experience in the industry. Tejas is based in The Woodlands, Texas.
About Team Oil Tools:
Team was founded in 1997 by Mike Sommers and Don Tinker. Team develops and manufactures a full line of proprietary and industry standard packers and packer accessories. Team’s packer products include casing, cement, production, isolation, compression, wireline and cup packers. They also manufacture tubing anchors, tension and shear tension packers, safety joints, fluid control valves, bridge plugs and multiple production zone packers. In addition, Team has designed and built inflatable packers, multilateral systems, junction boxes and whipstocks. Team recently developed and brought to market its own proprietary line of horizontal T-Frac packer systems for both open and cased-hole stimulation in order to target horizontal shale plays. The T-Frac system can be used in a variety of environments including sandstone, shale, coal, critical sour, and HPHT. Team is based in Tulsa, Oklahoma.