News Article - November 1, 2016
Team Oil Tools, Antelope Oil Tool and Isolation Technologies merge to form Innovex Downhole Solutions
HOUSTON, TX (November 1, 2016)– Team Oil Tools, LP (“Team”), Antelope Oil Tool & Manufacturing Co., LLC (“Antelope”) and Isolation Technologies, LLC (“IsoTech”) have merged to form Innovex Downhole Solutions, Inc. (“Innovex”), a leading provider of critical downhole products and technologies for the oil and gas industry. Innovex designs, manufactures and installs standard and proprietary well construction, zonal isolation and well completion solutions for onshore and offshore operators worldwide.
The merger strengthens the combined balance sheet of Innovex, while providing significant growth capital to support ongoing product development efforts and strategic initiatives globally. The combined company’s footprint extends across North America, Europe and the Middle East. Innovex’s suite of products includes standard downhole tools whose markets are driven by well and completion stage counts, as well as proprietary technologies that provide solutions to some of the largest producers in the world.
Adam Anderson, Innovex’s Chief Executive Officer, has more than 20 years of oilfield service experience managing completion related operations globally, and has served as Team’s CEO since 2014. He will be joined by Bill Kelley, who will serve as President of the Well Construction Segment of the business. Kelley has spent more than 30 years focused on the casing centralization and well construction market, and served as Antelope’s CEO since 2014.
Anderson commented, “We are excited to combine these three successful companies to create Innovex Downhole Solutions, an industry-leading well construction and completions company. Our customers continue to push the limits of constructing and completing wells, drilling longer laterals and completing an ever increasing number of stages per lateral. Innovex will be uniquely positioned to provide a broad suite of products, services and technologies to our customers, enabling them to create more economic wells in the years to come.”
Patrick Connelly, Partner at Intervale, added, “This combination creates a unique downhole products company with a strong and deep management team. Innovex has the balance sheet and geographic reach to thrive in today’s market.” Tuan Tran, Partner at Intervale, commented, “We are very proud of all the employees that have come together during this merger process, and look forward to supporting Innovex going forward.”
Innovex Downhole Solutions (www.innovexdownhole.com)
About Team Oil Tools (www.teamoiltools.com)
Team Oil Tools, LP is a designer, manufacturer and installer of completions products for the oil and gas sector. Team’s core products include ORIO toe valves, liner hangers, packers, composite frac plugs, swellable packers and patented cemented sleeves for hydraulic fracturing applications. The company is headquartered in The Woodlands, Texas and has manufacturing operations in Conroe, Texas. Team has 9 service centers located across the U.S., including in the Permian Basin, South Texas, Williston Basin, Mid Continent, Appalachia and ArkLaTex regions.
About Antelope Oil Tool (www.antelopeoiltool.com)
Founded in 1961, Antelope is an industry-leading designer, manufacturer and seller of patented casing and cementing products for the oil and gas sector. Antelope’s core products include casing centralizers (tight tolerance, rigid, bow spring, welded-bow, tubing and non-weld) and related accessories and float equipment. In 2013, Antelope added the WearSox product line, a pioneering thermal spray-on solution for on-the-pipe casing centralizers, stop-collars and stabilizers for the deepwater offshore oil and gas industry. Most recently, Antelope added a proprietary line of on-the-pipe, proprietary composite centralization products, principally focused on the Middle East markets.
About Isolation Technologies (www.iso-techpackers.com)
IsoTech designs, manufactures and provides services related to zonal isolation tools primarily for use in the oil and natural gas industry. The company offers inflatable casing packers, inflatable production packers and swellable packers to address customer needs for zonal isolation solutions throughout the well lifecycle in both onshore and offshore applications. IsoTech manufactures substantially all of its products in-house at the company’s ISO-certified facility in Houston, Texas. IsoTech was founded in 2014 and is based in Houston, Texas.
About Intervale Capital (www.intervalecapital.com)
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing from its third fund.
Contact for Intervale: