Intervale Capital has acquired Antelope Oil Tool & Manufacturing Company, a manufacturer of oilfield casing and cementing products.
Upon closing of the acquisition, George Ribble was named President and Chief Executive Officer of Antelope. Mr. Ribble was previously with Weatherford International, a casing hardware manufacturer.
“I’m thrilled to partner with Antelope’s existing management team and Intervale to begin a new phase in the company’s history. Antelope has world-class products and some of the industry’s best cementing technology, particularly for ultra-tight tolerance, deep water applications,” said Mr. Ribble. ”We have the team and product suite in place to make a significant impact in both the offshore and land markets.”
Antelope Oil Tool is a designer, manufacturer and seller of patented casing and cementing products for the oil and gas sector. Antelope’s products include casing centralizers (tight tolerance, rigid, bow spring, welded-bow, tubing and non-weld) and related accessories including stop collars, wall scratchers, wall wipers and cement baskets. The company was founded in 1961 and is based in Mineral Wells, TX (www.antelopeoiltool.com).
“We plan to build on Antelope’s strong reputation and bring the company’s products to new markets and new customers,” said Charles Cherington, Managing Partner of Intervale. “George Ribble has deep experience in the manufacturing of centralizers, and we believe he will be an excellent leader for Antelope.”
Intervale Capital invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has more than $650 million under management and is currently investing from its second fund. Intervale portfolio companies include Allied Oil & Gas Services (cementing and acidizing services), Team Oil Tools (completion tools), Aegis Chemical Solutions (production chemicals), Certus Energy Solutions (drill pipe and tubing rental) and Proserv Group (subsea equipment and services). The firm was founded in 2006 and is headquartered in Cambridge, MA with an additional office in Houston, TX (www.intervalecapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-19-13
