Vision Oil Tools LLC, an OFS Energy Fund portfolio company that provides oilfield rental tool and fishing services to oil and gas operations, has agreed to acquire Piceance Fishing & Rental Inc., a Western Colorado-based provider of oilfield tools and fishing services for drilling, completion and well control applications.
Vision, which has operations in Wyoming and North Dakota, purchased Piceance in a cash and stock transaction, whereby Piceance shareholders will become significant shareholders in the combined companies under Vision. The acquisition of Piceance is part of Vision’s expansion strategy for fishing services and equipment rentals to support oil and gas customers in the Bakken shale formation in North Dakota, the Piceance Basin and the DJ Basin in Colorado and other nearby basins.
Brad Hayden, president of Piceance who will become chief operating officer of Vision, added, “We are excited to be part of fast-growing Vision and the OFS team. Their industry experience and relationships will be invaluable as we continue to execute Vision’s growth plan. Also, having the capital from OFS Energy Fund will help us accelerate our growth of products, services and geographic reach.”
Vision was recapitalized by OFS Energy Fund in 2012 and is one of two portfolio companies in OFS Energy Fund II. Cadence Bank of Houston provided financing for the transaction.
Houston-based OFS Energy Fund is one of the few professionally managed private equity firms that specializes in acquiring and recapitalizing lower middle-market companies with identifiable paths for organic and acquisitive growth.