Drilling Tools International, a portfolio company of Hicks Equity Partners, has acquired WellFence LLC.
WellFence is a provider of tech-enabled security and credentialing services to the oil and gas industry. The company’s credentialed wellsite access services use strategically positioned checkpoint towers with 360-degree cameras to automate the verification of personnel entering and exiting drilling, completion and production locations.
The company has 24/7 remote technical support teams that monitor activity and local field support specialists who can be dispatched to sites to support the operational needs of customers. WellFence was founded in 2016 by CEO Marc Haci and is headquartered in Houston (www.wellfence.com).
“We are thrilled to become part of Drilling Tools International,” said Mr. Haci. “DTI is a leading provider of oilfield services with an extensive network in North America and international locations. WellFence technology is actively being adopted by customers operating in various geographic locations, and we can now provide the service needed to deliver the enterprise solutions required by our clients to achieve their safety objectives no matter where they operate.”
Drilling Tools International (DTI) supplies bottom-hole assembly and drill string tools to exploration and production companies, major oilfield services companies, directional drilling companies and drilling contractors for use in onshore and offshore horizontal and directional drilling. The company has a substantial rental equipment portfolio consisting of stabilizers, drill collars, sub-assemblies, casing centralizers, specialty roller reamer products and other downhole tools in a range of sizes made from both non-magnetic and carbon steel. DTI, led by CEO Wayne Prejean, is headquartered in Houston and has additional operating locations across Louisiana, Texas, Oklahoma, Wyoming, North Dakota, Pennsylvania, California, and Canada (www.drillingtools.com).
“This is an exciting step in expanding DTI’s product and service offering to provide new and innovative technology to our customers,” said Mr. Prejean. “Most important, we expect WellFence to revolutionize how the industry manages access to locations where safety and security are paramount. This patented system and service will provide operators a comprehensive solution to safety management, narrowing the distance between remote field operations and centralized corporate functions.”
Hicks Equity Partners is the private equity arm of Hicks Holdings, a holding company for the Thomas O. Hicks family’s assets. Mr. Hicks pioneered the “buy and build” strategy of investing and founded Hicks Muse Tate & Furst, which raised more than $12 billion of private equity across six funds and completed over $50 billion of leveraged acquisitions. Hicks Equity Partners is based in Dallas (no website found).
© 2019 Private Equity Professional | July 16, 2019