TEAM Oil Tools Inc. has acquired Bakersfield, CA-based Chancellor Oil Tool Inc., a pioneer in the development and commercialization of liner hangers, cement heads and running tools for the oil and gas industry.
TEAM is focused on the manufacture, sale and service of downhole completion products. TEAM is funded by Intervale Capital, a private equity firm which invests exclusively in oilfield manufacturing and service companies.
Byron Cowart, TEAM’s CEO, will oversee the combined business. He has more than 30 years of oilfield service experience managing the liner hanger operations of Weatherford International, Key Energy Services and TIW Corp.
“I’m thrilled to partner with Chancellor and Intervale to build a best-in-class completions company,” Cowart commented. “Thomas and Mitch Townsend have assembled an outstanding team of liner hanger experts, and Chancellor is known as a stellar brand in the completions world.”
Thomas Townsend, Chancellor’s president, commented, “The combination with TEAM makes perfect strategic sense, TEAM expands Chancellor’s reach through its 10 service centers across major U.S. oil and gas basins and will expand production capacity to accelerate Chancellor’s growth."