TEAM Oil Tools LP has acquired all the outstanding shares of Odessa Packer Services Inc. Founded in 1982, Odessa is an oilfield packer and downhole tool service company focused on the Permian Basin market. Odessa Packer Services is based in Odessa, Texas, and provides packers, equipment rental, and related services.
TEAM is focused on the design, manufacture, sale and service of downhole completion products. In October 2014, Team acquired Schlehuber Oil Tools as part of its ongoing effort to grow its Permian operations. TEAM is backed by Intervale Capital, a private equity firm that invests in oilfield manufacturing and service companies.
Adam Anderson, TEAM's CEO, will oversee the combined business. Anderson has more than 20 years of oilfield service experience managing the completions operations of Baker Hughes International.
Steve Hughes and Leonard Neatherlin, Odessa's president and vice president of operations, respectively, will manage operations for Odessa and work in close coordination with managers of TEAM’s other Permian locations.
Acquisition financing was provided by Wells Fargo's Energy Group.