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SOURCE Intervale Capital
HOUSTON, July 15, 2014 /PRNewswire/ -- Antelope Oil Tool & Manufacturing Co., LLC ("Antelope") has acquired Advanced Composite Standoff SRL and Advanced Composite Systems SRL ("Advanced Composites"). Led by Dave Levie and Richard Baynham, Advanced Composites is a manufacturer and supplier of composite centralizers and other composite products used primarily in downhole oilfield applications. Its revolutionary Multilayer Composite Centralizer technology combines high wear resistance with an extremely low friction factor, addressing centralization and casing-running challenges in technically demanding wellbores. The Multilayer Composite Centralizer product can be installed reliably in the field, allowing Advanced Composites to efficiently service projects in remote locations around the world.
Antelope is a leading manufacturer of oilfield casing and cementing products for offshore and onshore applications globally. Antelope is backed by Intervale Capital ("Intervale"), a private equity firm which invests exclusively in middle-market oilfield manufacturing and service companies and related technologies.
George Ribble, Antelope's Chief Executive Officer, commented, "Our partnership with Advanced Composites will further strengthen Antelope's reputation as a solutions provider in technically challenging environments. We have been truly impressed with Rick, Dave and the rest of the Advanced Composites team."
Richard Baynham, previously President of Advanced Composites, will manage Antelope's Advanced Composite product line going forward. "We are extremely pleased to partner with Antelope. Antelope's management team has made a concerted effort to foster a customer-first corporate culture. We look forward to continuing to serve our customers and contributing to Antelope's growth," said Baynham.
"The addition of Advanced Composites builds upon Antelope's ongoing efforts to become the leading cementation hardware solutions provider for operators drilling and completing wells in the toughest environments. Advanced Composites will further enhance Antelope's strengths in offshore and other highly technical applications. Furthermore, partnering with Advanced Composites expands Antelope's presence in Europe and the Eastern Hemisphere. We welcome Advanced Composite's employees to the Antelope team," added David Nemeskal, Principal at Intervale.
About Antelope Oil Tool & Mfg. Co., LLC:
Antelope is an industry-leading designer, manufacturer and seller of patented casing and cementing products for the oil and gas sector. Antelope's core products include casing centralizers (tight tolerance, rigid, bow spring, welded-bow, tubing and non-weld) and related accessories and float equipment. In 2013, Antelope acquired WearSox, L.P. ("WearSox"), a pioneer in the development of thermal spray-on casing centralizers, stop-collars and stabilizers for the offshore oil and gas industry. Antelope acquired CTE Industries LTD ("CTE") in April 2014, broadening its product offering to include cementing float equipment, steel products and premium threading capabilities. Antelope was founded in 1961 and is based in Houston, Texas.
Company website: http://www.antelopeoiltool.com/
About Advanced Composite Systems, SRL and Advanced Composite Standoff, SRL:
Advanced Composites is a manufacturer and supplier of composite centralizers and other composite products. The company's manufacturing facility is located in Ravenna, Italy. It has additional offices in Aberdeen, Scotland and Lucerne, Switzerland. Advanced Composites services customers globally.
Company website: http://www.advancedcomps.com/
About Intervale Capital:
Intervale Capital is an energy-focused private equity firm with offices in Boston and Houston. Intervale invests exclusively in middle-market oilfield services and manufacturing companies and related technologies. The firm has raised $1.2 billion of committed capital since its inception in 2006 and is currently investing from its third fund.
Intervale portfolio companies include Proserv Group (offshore and subsea equipment and services), TEAM Oil Tools (completions equipment and services), Allied Oil & Gas Services (cementing and acidizing services), Aegis Chemical Solutions (production chemicals and water treatment), Certus Energy Solutions (diversified oilfield rental equipment), EPIC Lift Systems (artificial lift), Tier 1 Energy Solutions (Canadian wireline and completions), Energes Oilfield Solutions (well flow control, water transfer and safety services) and Antelope Oil Tool (casing and cementing products).
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