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Intervale Capital Acquires WearSox

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wearsox nfAntelope 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

Clearlake Capital Acquires Archer’s North American Rental and Tubular Division

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Clearlake Capital Group has completed its acquisition of the North American Rental and Tubular Services divisions of Archer Limited, through a newly- formed company, IronGate Energy Services. Terry Keane, previously President of the Rental and Tubular divisions, will serve as President and Chief Executive Officer of IronGate.

IronGate is a provider of rental and tubular services to oil and natural gas exploration and production operators in North America. The company’s Rental Services division provides drill string components, such as drill pipe and other related drilling equipment, to both onshore and offshore oil and natural gas operators, and also provides surface pressure control equipment. The Tubular Services division provides casing running and related services for oil and natural gas wells throughout various stages of onshore and offshore drilling. The company is headquartered in Houston (no website found).

“We are excited to partner with the management team and enable IronGate’s growth as a highly focused, newly independent company,” said José Feliciano, a founding partner at Clearlake. “We look forward to supporting the company as it makes strategic investments in order to meet customers’ needs, including expanding in new and existing geographies. We believe that IronGate is an excellent platform for future acquisitions and is well-positioned to capitalize on the growth of the North American oil and gas market.”

Clearlake invests in special situations such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and minority equity investments. Sectors of interest include business services; communication; consumer products and retail; defense and public safety; energy and power; healthcare; industrials; media; and technology. Clearlake was founded in 2006 and is headquartered in New York (www.clearlakecapital.com).

“As a newly independent company, IronGate will continue a long tradition of excellent customer service, safety and compliance while offering high quality equipment for rental and premium tubular services,” said Mr. Keane. “Clearlake’s operational and financial resources will provide us with the support to build our business and continue to focus on our customers’ success.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-1-13

Fulcrum Capital Partners Invests in Bri-Chem

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Fulcrum Capital Partners has provided a subordinated debt facility to Bri-Chem, a distributor of drilling fluids and seamless steel pipe.  Proceeds from the facility will be used to finance future acquisitions, working capital, growth capital expenditures or for general corporate purposes

Bri-Chem has two primary segments of business. The Drilling Fluid Division is a wholesale supplier of drilling fluids for the oil and gas industry. Bri-Chem provides over 100 drilling fluid products, cementing, acidizing and stimulation additives from 25 warehouses located throughout Canada and the United States.  The Steel Pipe Division is a wholesale distributor of seamless steel pipe ranging in size from half inch to thirty-six inch.  Bri-Chem is headquartered in Edmonton (www.brichem.com).

Fulcrum Capital Partners manages over C$750 million of capital and makes private equity as well as mezzanine and bridge debt investments in mid-sized businesses.  Sectors of interest include services, manufacturing, and distribution industries.  Fulcrum Capital Partners has offices in Vancouver and Toronto (www.fulcrumcapital.ca).

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-18-12

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