Team Oil Tools, LP (Team), Antelope Oil Tool & Manufacturing Co., LLC (Antelope) and Isolation Technologies, LLC (IsoTech) have merged to form Innovex Downhole Solutions, Inc. (Innovex), a leading provider of critical downhole products and technologies for the oil and gas industry. Innovex designs, manufactures and installs standard and proprietary well construction, zonal isolation and well completion solutions for onshore and offshore operators worldwide.
The merger strengthens the combined balance sheet of Innovex, while providing significant growth capital to support ongoing product development efforts and strategic initiatives globally. The combined company's footprint extends across North America, Europe and the Middle East. Innovex's suite of products includes standard downhole tools whose markets are driven by well and completion stage counts, as well as proprietary technologies that provide solutions to some of the largest producers in the world.
Adam Anderson, Innovex's Chief Executive Officer, has more than 20 years of oilfield service experience managing completion related operations globally, and has served as Team's CEO since 2014. He will be joined by Bill Kelley, who will serve as President of the Well Construction Segment of the business. Kelley has spent more than 30 years focused on the casing centralization and well construction market, and served as Antelope's CEO since 2014.
Anderson commented, "We are excited to combine these three successful companies to create Innovex Downhole Solutions, an industry-leading well construction and completions company. Our customers continue to push the limits of constructing and completing wells, drilling longer laterals and completing an ever increasing number of stages per lateral. Innovex will be uniquely positioned to provide a broad suite of products, services and technologies to our customers, enabling them to create more economic wells in the years to come."
Patrick Connelly, Partner at Intervale, added, "This combination creates a unique downhole products company with a strong and deep management team. Innovex has the balance sheet and geographic reach to thrive in today's market." Tuan Tran, Partner at Intervale, commented, "We are very proud of all the employees that have come together during this merger process, and look forward to supporting Innovex going forward."