On Oct. 7, Team Oil Tools Inc. said it acquired the assets of Schlehuber Oil Tools LLC.
Under the acquisition, Schlehuber (SOT) and Team will provide completions and downhole services for Team’s Permian Basin operations.
Private-equity firm Intervale Capital backed Team, the company added.
Byron Cowart, Team's CEO, will oversee the combined business. He has 30 years of oilfield service experience. He managed completions for Weatherford International Plc (NYSE: WFT), Key Energy Services Inc. (NYSE: KEG) and TIW Corp., the company added.
"I'm thrilled to partner with Schlehuber and Intervale to expand Team's reach in the Permian Basin. Robert and Carrie Schlehuber have assembled an outstanding team of completion experts and service professionals, and SOT is well positioned to continue its rapid growth in West Texas," he said.
Robert Schlehuber will become regional manager of Team’s Permian operations, the company said, noting that he currently is founder and president of Schlehuber.
Team Oil Tools Inc. is based in The Woodlands, Texas.
Schlehuber Oil Tools LLC is based in Denver City, Texas.
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