Houston, TX-based Directional Rentals Inc., a portfolio company of private equity firm Hicks Equity Partners (HEP), has acquired oilfield services company Reamco Inc. Lafayette, LA-based Reamco manufactures, rents and refurbishes downhole drilling tools and related products used in the drilling industry.
Directional Rentals has also been renamed Drilling Tools International (DTI) to more accurately reflect the company's mission of renting, manufacturing and selling drilling tools used in bottom hole assemblies to oilfield services companies, independent directional drillers and exploration companies, both onshore and offshore.
Reamco’s previous owners, Brent Milam and Ashley Lane, have become shareholders in DTI and have joined the company’s management team. Milam founded Reamco in 1985 and has served as the company’s president since that time. Lane was instrumental in Reamco’s founding and returned to the company as chief executive officer (CEO) in 2011 after leading Drilling Logistics, Inc. for several years.
Hicks Equity Partners is the private equity arm for Hicks Holdings LLC, a holding company for the Thomas O. Hicks family's assets.