Energy-focused Intervale Capital has acquired Pro Oil & Gas Services (PRO), a provider of completion and drilling services. Proceeds from Intervale’s investment were used to repay indebtedness and provide capital to fund various growth initiatives.
PRO’s services include wireline, pumping, flowback, frac stacks, wireline lubricators and pressure control, surface drilling, chemical mixing plants, and torque and testing. The company is headquartered in Houston and has operations in West Texas, South Texas, Louisiana, Oklahoma and the Northeast (www.proosllc.com).
PRO was founded in 2011 by oilfield entrepreneur Darrell Brewer, who has built and sold several oilfield services companies. Mr. Brewer will continue as CEO of the business under Intervale ownership and retains a significant equity stake. “We are excited to partner with Intervale as we position PRO for its next stage of growth. With a refreshed balance sheet, the company is well positioned to take advantage of the current market environment. Intervale is an ideal partner given their history, experience and network in the oilfield services space,” said Mr. Brewer.
“Darrell and the rest of the PRO team have built a strong business that performed well through the downturn with exposure to many of the current trends defining the North American land market – longer laterals, more stages and increasing completion intensity,” said Jason Turowsky, Partner of Intervale. “We look forward to working with Darrell and his team to build a large, diversified and durable business. We believe that PRO can serve as an agent of consolidation across many of its current business lines.”
Intervale Capital invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised $1.3 billion of committed capital since its inception in 2006 and is currently investing from its third fund. Intervale was founded in 2006 and is headquartered near Boston in Cambridge, MA with an additional office in Houston (www.intervalecapital.com).
PRO was advised by Simmons & Company International, an investment bank specializing in the energy industry, and Piper Jaffray.
© 2017 Private Equity Professional | June 27, 2017
