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Area oil field equipment manufacturer makes acquisitionApril 4, 2014
Antelope Oil Tool & Manufacturing Co. LLC of Mineral Wells has acquired CTE Industries LTD. to broaden its product line.
Headquartered in Edmonton, Alberta, CTE, founded in 2006, is a manufacturer and supplier of oil field cementation equipment. Its products include float shoes, float collars, cement plugs and centralizers for the global oil and gas industry. CTE also provides threading services and supplies steel products, such as mechanical tubing and coupling stock.
No price for the transaction was released.
Antelope is a leading manufacturer of oil field casing and cementing products for offshore and onshore applications. Antelope is backed by Intervale Capital, a private equity firm with offices in Cambridge, Mass. and Houston that invests exclusively in oil field manufacturing and service companies.
"We have been impressed with CTE's rapidly growing market presence,” said George Ribble, Antelope's CEO in a news release. “CTE has established a strong brand globally, best known for its first-class products and reliable service. Following this combination, Antelope will be able to better service our customers by offering a broader product suite."
Dan Laplante, previously President of CTE, will manage Antelope and CTE's combined operations in Canada.
“CTE presents an exceptional opportunity for Antelope to extend its geographic presence into Canada and expand its customer base,” said David Nemeskal, principal at Intervale.
Antelope acquired WearSox L.P. , a pioneer in the development of thermal spray-on casing centralizers, stop-collars and stabilizers in 2013. Antelope was founded in 1961.