Intervale Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Intervale Capital has acquired 1 company.

Intervale Capital’s most common sectors for investment are energy services and equipment (66%) and oil/gas exploration (16%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (66%) and growth capital (16%). In total, Intervale Capital has invested in 6 US states and 3 different countries.

In the last 3 years, Intervale Capital has exited 3 companies. The Firm’s most common exit type is trade sale (50%). Intervale Capital’s largest (disclosed) exit occurred in 2012 when it sold Ulterra Drilling Technologies for $325M.

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M&A Summary

  • M&A Total Activity36
    • M&A Buy Activity26
    • M&A Sell Activity10
  • Total Sectors Invested 6
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 9
  • M&A Advisors 9

Intervale Capital LLC

20 University Road, Suite 360 ,
Cambridge, Massachusetts 02138
United States
(617) 497-8282
www.intervalecapital.com
info@intervalecapital.com

Intervale Capital is a specialist private equity firm focused on control investments in the upstream energy sector, including oilfield service and manufacturing companies. Specific segments of interest include downhole tools, drill bits and associated drilling technologies, drilling and completion fluids, drilling motor technology, enhanced oil recovery services, mud logging and related technical services, pressure control (land and subsea), subsea components, technology and equipment, managed pressure drilling, wireline services and related tools, completion products and services, differentiated equipment rental companies, and artificial lifts. The Firm targets businesses with $8 to $50 million of EBITDA and can complete transactions valued up to $250 million. Intervale Capital was formed in 2006 and is based in Cambridge, Massachusetts and has offices in Houston, Texas.


Investment Criteria

Sectors of Interest: Energy Services and Equipment, Manufacturing, Oil/Gas Exploration

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 8 50
Investment Size - -
Enterprise Value - 250
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 21 3 1 1 - - 26
Sell (1.0/yr) # 5 2 - - 2 1 10
vol $598M $598M
  36

Most Recent M&A

Company Date Value Type
Pro Oil & Gas Services LLC 2020-07-13 - Add-on Acquisition
Houston, Texas · www.proosllc.com
TorcSill Foundations LLC 2019-10-23 - Secondary Buyout
Pasadena, Texas · www.torcsill.com
Epic Lift Systems 2019-04-04 - Add-on Acquisition
Fort Worth, Texas · www.epiclift.com
PDC Logic LLC 2018-01-16 - Buyout (LBO, MBO, MBI)
Norman, Oklahoma · www.pdclogic.com
Pro Oil & Gas Services LLC 2017-06-27 - Recapitalization
Houston, Texas · www.proosllc.com
TEAM Oil Tools LP 2016-11-01 - Merger
The Woodlands, Texas · www.teamoiltools.com
Antelope Oil Tool & Manufacturing Co. 2016-11-01 - Merger
Mineral Wells, Texas · www.aot-llc.com
Innovex Downhole Solutions, Inc. 2016-11-01 - Consolidation
Spring, Texas · www.innovexdownhole.com
Dynacorp Fabricators, Inc. 2016-05-05 - Growth Capital
Calgary, Alberta · www.dynacorp.ca
Entegra LLP 2016-02-10 - Buyout (LBO, MBO, MBI)
Indianapolis, Indiana · www.entegrasolutions.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Innovex Downhole Solutions, Inc. 2016-11-01 Quick Connectors, Inc. 2019-06-12 4
Spring, Texas · www.innovexdownhole.com Houston, Texas · www.quickconnectors.com
Sentry Energy Solutions LLC 2013-01-01 HIMARC Environmental Solutions LLC 2019-01-25 1
The Woodlands, Texas · www.sentryes.com Spring Branch, Texas · www.himarcenvironmentalsolutions.com
Innovex Downhole Solutions, Inc. 2016-11-01 Buckhorn Casing Equipment LLC 2018-09-28 3
Spring, Texas · www.innovexdownhole.com Midland, Texas
Innovex Downhole Solutions, Inc. 2016-11-01 TEAM Oil Tools LP 2016-11-01 2
Spring, Texas · www.innovexdownhole.com The Woodlands, Texas · www.teamoiltools.com
Innovex Downhole Solutions, Inc. 2016-11-01 Antelope Oil Tool & Manufacturing Co. 2016-11-01 1
Spring, Texas · www.innovexdownhole.com Mineral Wells, Texas · www.aot-llc.com
Tier 1 Energy Solutions, Inc. 2014-02-04 Avenger Oil Tools Ltd. 2014-11-10 1
Edmonton, Alberta · www.tier1energy.ca Calgary, Alberta · www.avengeroiltools.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 7 (50%) - 17 (65%) -
Oil/Gas Exploration 3 (21%) - 4 (15%) -
Environmental 2 (14%) - 2 (8%) -
Electrical Equipment 1 (7%) - 1 (4%) -
Manufacturing - - 1 (4%) -
Safety/Security 1 (7%) - 1 (4%) -
Total 14 - 26 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (86%) - 22 (85%) -
  Texas 8 (57%) - 17 (65%) -
  Oklahoma 1 (7%) - 1 (4%) -
  New Hampshire 1 (7%) - 1 (4%) -
  Massachusetts 1 (7%) - 1 (4%) -
  Indiana 1 (7%) - 1 (4%) -
  Pennsylvania - - 1 (4%) -
Canada 2 (14%) - 3 (12%) -
  Alberta 2 (14%) - 3 (12%) -
Norway - - 1 (4%) -
Domestic 12 (86%) - 22 (85%) -
Cross-border 2 (14%) - 4 (15%) -
Total 14 - 26 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (57%) - 17 (65%) -
Growth Capital 4 (29%) - 4 (15%) -
Consolidation 1 (7%) - 2 (8%) -
Recapitalization - - 2 (8%) -
Merger 1 (7%) - 1 (4%) -
Total 14 - 26 -

Exits by Deal Type

Type Total # Value
Merger 3 (30%) -
Trade Sale - Public Company 2 (20%) 598M (100%)
Secondary Sale 2 (20%) -
Trade Sale 2 (20%) -
Unknown 1 (10%) -
Total 10 $598M

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 1
Simmons & Company International Ltd.
 1
Parks Paton Hoepfl & Brown (PPHB)
 1
Legal Deals
Kirkland & Ellis LLP
 1
Baker Botts LLP
 1
Choate Hall & Stewart LLP
 1

Deal Values

sell # Total
$100M to $1B 2 $598M
TOTAL $598M
Largest Ulterra Drilling Technologies LP
$325M (2012-08-14)

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
1 50%
Strategic(s)
50%
1 50%
Exited to
PE Firm(s)
22%
2 22%
Strategic(s)
78%
7 78%

Investor Summary

Size

Large

PE Assets

1.3B USD

Established

2006

Specialist/Generalist

Specialist

Leadership

Charles Cherington

Co-Founder & Managing Partner

Jason Turowsky

Partner

Patrick Connelly

Partner

Tuan Tran

Partner

Christine Smoragiewicz

CFO & CCO

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