12 August 2014
12 August 2014
Antelope Oil Tool & Manufacturing ("Antelope") has acquired Advanced Composite Standoff SRL and Advanced Composite Systems SRL ("Advanced Composites").
Advanced Composites is a manufacturer and supplier of composite centralisers and other composite products used primarily in downhole oilfield applications. According to the company its Multilayer Composite Centralizer technology combines high wear resistance with an extremely low friction factor, addressing centralisation and casing-running challenges in technically demanding wellbores.
Antelope is a manufacturer of oilfield casing and cementing products for offshore and onshore applications globally. Antelope is backed by Intervale Capital ("Intervale"), a private equity firm which invests exclusively in middle-market oilfield manufacturing and service companies and related technologies.
George Ribble, Antelope's Chief Executive Officer, commented, "Our partnership with Advanced Composites will further strengthen Antelope's reputation as a solutions provider in technically challenging environments. We have been truly impressed with Rick, Dave and the rest of the Advanced Composites team."
Richard Baynham, previously President of Advanced Composites, will manage Antelope's Advanced Composite product line going forward. "We are extremely pleased to partner with Antelope. Antelope's management team has made a concerted effort to foster a customer-first corporate culture. We look forward to continuing to serve our customers and contributing to Antelope's growth," said Baynham.
"The addition of Advanced Composites builds upon Antelope's ongoing efforts to become the leading cementation hardware solutions provider for operators drilling and completing wells in the toughest environments. Advanced Composites will further enhance Antelope's strengths in offshore and other highly technical applications. Furthermore, partnering with Advanced Composites expands Antelope's presence in Europe and the Eastern Hemisphere. We welcome Advanced Composite's employees to the Antelope team," added David Nemeskal, Principal at Intervale.