Schlehuber Oil Tools, LLC is Acquired by Team Oil Tools, Inc.
DENVER CITY, TEXAS (October 7, 2014) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Schlehuber Oil Tools, LLC (“SOT”) has been acquired by Team Oil Tools (“Team”). Founded in 2005, Schlehuber has grown to become one of the leading providers of downhole completion tools and services in the Northern Permian Basin and Eastern New Mexico markets. SOT’s commitment to customer service, safety and on-time delivery fits in perfectly with Team’s operating philosophy, and the acquisition of SOT significantly strengthens Team’s Permian Basin operations.
Byron Cowart, CEO of Team, commented, “We are absolutely thrilled to have Schlehuber Oil Tools become a part of Team Oil Tools. We are committed to expanding our reach in the Permian Basin, and Robert and Carrie Schlehuber have assembled an outstanding team of completion experts and service professionals. SOT will be a major part of our continued growth in West Texas.”
Robert Schlehuber, SOT’s founder and president, will become the Regional Manager of Team’s Permian operations. Schlehuber commented, “We are extremely excited about joining up with both Team and Intervale. Together, they bring the experience and resources we have needed to further our growth, and Team’s technology portfolio will significantly enhance our downhole completion capabilities. We are also tremendously grateful for Statesman’s efforts in helping us identify the ideal partner for our business. They were extremely professional and their assistance in helping prepare us for a sale and navigate through the complexities of a transaction like this was invaluable.”
Tuan Tran, principal at Intervale Capital added, “The combination of Team and Schlehuber makes perfect strategic sense. Schlehuber enhances Team’s service and distribution capabilities in the Permian, and Team will continue to invest in additional service centers in the Permian to better serve the combined customer base and support Schlehuber’s expansion.”
Statesman is a leading middle market investment bank with offices in Houston and Austin, Texas, providing merger and acquisition sell-side, buy-side, and general corporate financial advisory services to small and middle-market companies. The Statesman transaction team for this transaction included Principal Walter Tomlinson, Vice President Peter Chiu, and Associate Walker French.
About Team Oil Tools, Inc.:
Team Oil Tools, Inc. designs, manufactures, sales and services downhole completion products and it’s core products include ORIO toe valves, packers, composite plugs, swellable packers and patented cemented sleeves for hydraulic fracturing applications. Team is headquartered in The Woodlands, Texas and has manufacturing operations in Tulsa, Oklahoma, and 10 service centers located in major U.S. oil and gas markets, including the Permian Basin, Eagle Ford, Mid Continent, Utica, Marcellus and Haynesville. Company website: www.teamoiltools.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. www.intervalecapital.com