Regional manager of the Team Oil Tool’s Permian Basin
Team Oil Tools Inc., based in The Woodlands, has acquired the assets of Schlehuber Oil Tools LLC.
Under the deal, Schlehuber’s founder and president will be promoted to regional manager of the Team Oil Tool’s Permian Basin operations. Byron Cowart, CEO of Team Oil Tools, will oversee the combined business.
Schlehuber is a downhole tools company that services the Permian Basin, providing completion tools, service tools and fishing and rental services. It is headquartered in Denver City, Texas, with customers in Texas and New Mexico. Team Oil Tools, which has manufacturing operations in Tulsa, Oklahoma, specializes in the design, manufacture, sale and service of downhole completion.
Team Oil Tools has 10 service centers in major U.S. oil and gas markets, including the Permian Basin, Eagle Ford, Mid Continent, Utica, Marcellus and Haynesville.
Team Oil is backed by Intervale Capital LLC, a private equity firm that invests exclusively in middle-market oilfield manufacturing and service companies. Intervale also has investments in Aegis Chemical Solutions LLC, which it acquired in 2013.