Hicks Equity Partners of Houston announced March 10 that its portfolio company, Directional Rentals Inc., has acquired Lafayette-based Reamco Inc., which manufactures, rents and refurbishes downhole drilling tools and related products used in the oilfield industry.
Financial terms of the deal were not disclosed.
|Reamco Inc., which manufactures, rents and refurbishes downhole drilling tools and related products, is now part of Drilling Tools International of Houston.|
Directional Rentals of Houston has also been renamed Drilling Tools International to more accurately reflect the company’s mission of renting, manufacturing and selling drilling tools used in bottom hole assemblies by oilfield services companies throughout the world and independent directional drillers and exploration companies, both onshore and offshore.
Reamco’s previous owners, Brent Milam and Ashley Lane, are now shareholders in DTI and have joined the company’s management team. Milam founded Reamco in 1985 and has served as the company’s president since that time. Lane was instrumental in Reamco’s founding and returned to the company as CEO in 2011 after leading Drilling Logistics Inc. for several years.
DTI CEO Wayne Prejean said in a press release that the acquisition strengthens the company’s strategic position and capabilities through an enhanced ability to aggressively pursue new markets such as deep water drilling. “In particular, our customers will benefit as we bring more maintenance and repair operations in-house, allowing us to more efficiently deliver the services they need,” he noted. “We look forward to growing Reamco through key investments in its facilities, equipment and people.”
“With the opening of our new sales office in the North Sea and the horsepower and asset base of DTI, I look forward to substantial growth in Europe, West Africa and the Middle East,” Lane said of the merger.