Antelope Oil Tool & Manufacturing Co., a portfolio company of Intervale Capital, has acquired WearSox, a provider of products used in deep water oil and gas applications. Intervale acquired Antelope Oil Tool in June 2013.
WearSox is a provider of thermal spray-on casing centralizers, stop-collars and stabilizers, primarily for deep water and other technical oil and gas applications. The company was founded in 2004 and is headquartered in Houston (www.wearsox.com).
“WearSox expands Antelope’s presence in close-tolerance centralization, a rapidly growing market that is critical to drilling and completing wells safely in highly technical environments, particularly in ultra-deep water. Management expects to grow WearSox by expanding its sales force and manufacturing capacity, and entering new markets overseas,” said Tuan Tran, Principal at Intervale.
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).
George Ribble, Antelope’s chief executive officer, will oversee the combined business. “WearSox is a unique solution for quick-turn, deep water centralization and other technically challenging applications. We are thrilled to partner with such a dynamic company and outstanding team. We look forward to bringing a range of innovative centralization products to market using the expertise of both WearSox and Antelope,” said Mr. Ribble.
Intervale Capital invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has more than $650 million of capital under management and is currently investing from its second fund. Intervale was founded in 2006 and is headquartered in Boston (Cambridge) with an additional office in Houston (www.intervalecapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-4-13