Team Oil Tools, LP ("Team") announced today that it has acquired all the outstanding shares of Odessa Packer Services, Inc. ("Odessa" or "OPS"). Founded in 1982, Odessa is a leading oil field packer and downhole tool service company focused on the Permian Basin market. OPS 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 ("Intervale"), a private equity firm which invests exclusively in oilfield manufacturing and service companies.
Adam Anderson, Team's chief executive officer, will oversee the combined business. Anderson has more than 20 years of oilfield service experience managing the completions operations of Baker Hughes International. Anderson commented, "We are very pleased to welcome Odessa's employees to the Team family. The Permian basin is the largest oilfield market in the world and we feel fortunate to be able to expand our presence there with the addition of Odessa."
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 in Midland, Denver City and Levelland. Hughes and Neatherlin commented, "We're very excited to join Team as an important part of the company's Permian Basin presence. It has been a pleasure getting to know Team management and Intervale. We look forward to working together to better serve our customers in the Permian by providing them a more comprehensive completions product suite."
Tuan Tran, Principal at Intervale Capital added, "We are delighted to partner with the exceptional team at Odessa. The addition of OPS to the Team platform marks an important stage in our efforts to expand our business in the Permian. We are confident that the combination will create compelling cross-selling opportunities and allow Team to better serve its growing Permian customer base."
Acquisition financing was provided by Wells Fargo's Energy Group.